Central Bank of India Q3 Net profit surges 33% YoY

On Monday, January 20, the Central Bank of India announced that its standalone net profit for the December 2024 quarter of the current fiscal year (Q3 FY25) increased by 33% year over year (YoY) to Rs.958.93 crore. In the same period previous year, the profit was Rs.717.86 crore. In the meantime, the net interest income increased 12.31% year over year to Rs.3540.12 crore from Rs.3151.85 crore. 

In comparison to the equivalent quarter ended December 31, 2023, when the net interest margin (NIM) was 3.28%, the NIM for the quarter ended December 31, 2024, at 3.48%. During the quarter, the public sector lender's provisions and contingencies decreased to Rs.556.64 crore from Rs.821.98 crore during the same time last year.

Also Read - Quarterly Results of all banks for Q3FY25

Additionally, the number decreased sequentially from Rs.598.06 crore. At the end of Q3 FY25, gross non-performing assets (GNPA) totaled Rs.10,459.89 crore, representing a 3.86% GNPA percentage, down from 4.50% YoY and 4.59% QoQ. At Rs.1,554.98 crore, the net non-performing assets (NNPA) percentage was 0.59%, which was lower than the 0.69% in the September 2024 quarter and the 1.27% in the December 2023 quarter. 

The bank's overall revenue as of December 31, 2024, was Rs.668,686 crore, up 8.31% year over year from ₹617,368 crore the previous year. The total deposits grew by 5.34%, from Rs.377,722 crore on December 31, 2023, to Rs.397,907 crore on December 31, 2024, a gain of Rs.20,185 crore.

As of December 31, 2024, gross advances increased by 12.99% to Rs.270,779 crore from Rs.239,646 crore in the previous year. The RAM (Retail, Agriculture & MSME) division of the bank experienced a 17.99% growth. Retail saw 16.18% (Rs.79,927 crore) increase, agriculture saw 14.83% (Rs.51,274 crore), and MSME saw 23.64% (Rs.58,102 crore).