Central bank of India on Monday reported a 33% year-on-year rise in its net profit to Rs 959 crore for the quarter ended December.
Total income increased to Rs 9,739 crore, compared with Rs 9,139 crore in the year-ago period. The interest income rose to Rs 8,509 crore, from Rs 7,809 crore a year ago.
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The operating profit grew to Rs 1,963 crore, compared with Rs 1,931 crore in the same period last year.
Total deposits increased to Rs 397,907 crore, from Rs 377,722 a year ago. Advances grew 12.99% to Rs 270,779 crore as of December 31. The RAM (retail, agriculture and MSMEs) business grew 18%, with retail growing by 16.18%, agriculture by 14.83% and the MSME sector by 23.64%.
Following the earnings announcement, shares of Central Bank of India rose 5% intra-day on the BSE, before closing at Rs 54.41, up 3.09% from the previous close.
On the asset quality front, gross non-performing assets (NPAs) fell to 3.86% from 4.5% a year ago. Net NPAs came down to 0.59% from 1.27% in the year-ago period.
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The capital adequacy ratio rose to 16.43%, against Rs 14.74% at the end of same quarter a year ago.
The bank reported a fall in provisions and contingencies to Rs 556.64 crore from Rs 821.98 crore a year ago.
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