Central Bank's net profit rises 90% to Rs 605 Crore in Q2FY24

Results at a Glance- Quarter / Half Year ended Sept - 30th 2023 vis-à-vis September 30th 2022

Total Business grew by 11.51% to Rs 602284 crore (Q2FY24), vis-à-vis Rs 540130 (Q2FY23).

Total Deposits up by 8.21% to Rs 371252 crore (Q2FY24), vis-à-vis Rs 343081 (Q2FY23).

Gross Advance increased by 17.26% to Rs 231032 crore (Q2FY24), vis-à-vis Rs 197022 (Q2FY23).

Credit to Deposit (CD) Ratio improved to 62.43 % (Q2FY24) registering an improvement of 479 bps, from 30th September 2022, vis-à-vis 57.64% (Q2FY2023).

Gross NPA improved to 4.62 % (Q2FY24) from 9.67% (Q2FY23), registering an improvement of 505 bps.

Net NPA improved to 1.64 % (Q2FY24) from 2.95% (Q2FY23), registering an improvement of 131 bps.

Provision Coverage Ratio improved to 92.54 (Q2FY24) from 89.20 (Q2FY23), registering an improvement of 334 bps.

Net Profit up by 90.25 % to Rs 605 crore (Quarter) (as against, Rs 318 crore in Q2FY23)/ 85.17% to Rs 1024 crore (as against, Rs 553 crore in Q2FY23) (Half Year).

Figures have been recalculated/regrouped wherever necessary to conform the current year classification.

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Operating Profit improved by 13.47 % to Rs 3369 crore (as against, Rs 2969 crore Q2FY23), half yearly basis, though it dipped marginally by 12.47 % to Rs 1530 crore (as against, Rs 1748 crore Q2FY23), on quarterly basis, due to increase in non-staff operating expenses.

Net Interest Income (NII) increased by 10.23 % to Rs 3028 crore as against Rs 2747 crore Q2FY23. The same is increased by 26.90 % to Rs 6204 crore (as against, Rs 4889 crore Q2FY23), on half yearly basis.

Net Interest Margin (NIM) improved to 3.53 % as against 3.12% Q2FY23, 41 bps, on half yearly basis, though reduced marginally to 3.43 % as against 3.44% Q2FY23, quarterly basis, due to increase in interest pay-out on deposits.

Return on Assets (ROA) improved to 0.62 % & 0.53 % in Q2FY24, as against 0.35 % & 0.31 % in Q2FY23 (quarterly & half yearly basis), registering an improvement of 27 & 22 bps, respectively.

Return on Equity improved to 2.31% & 3.94% in Q2FY24, as against 1.31 % & 2.29 % in Q2FY23 (quarterly & half yearly basis), vis-à-vis Q2FY23, registering an improvement of 100 & 165 bps, respectively.

CRAR improved to 14.82 % in Q2FY24 (as against 13.56 % in Q2FY23) , registering an improvement of 126 bps, of which Tier I is 12.14 %,

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Profitability (Quarter Ended September 30th, 2023)

-Net Profit up by 90.25 % to Rs 605 crore in Q2FY24 against Rs 318 crore in Q2FY23.
-Operating Profit reduced by 12.47 % on Y-o-Y basis to Rs 1530 crore for Q2FY24 as against Rs 1748 crore for Q2FY23.
-Net Interest Income (NII) grew by 10.23 % on Y-o-Y basis to Rs 3028 crore in Q2FY24 as against Rs 2747 crore for Q2FY23.
-Total Income (Interest Income plus other Income) for Q2FY24 improved by 19.07 %, from Rs 7065 crore in Q2FY23 to Rs 8412 crore for Q2FY24.
-Return on Assets (ROA) improved to 0.62% for Q2FY24 as against 0.35% for Q2FY23.
-Return on Equity (ROE) also improved to 2.31 % for Q2FY24 as against 1.31% for Q2FY23.

Profitability (Half Year Ended September 30th, 2023)

-Net Profit up by 85.17 % to Rs 1024 crore in HY-24 against Rs 553 crore in HY-23.
-Operating Profit improved by 13.47 % on Y-o-Y basis to Rs 3369 crore for HY-24 as against Rs 2969 crore for HY-23.
-Net Interest Income (NII) grew by 26.90 % on Y-o-Y basis to Rs 6204 crore in HY24 as against Rs 4889 crore for HY-23.
-Total Income (Interest Income plus other Income) for HY-24 improved by 23.65 %, from Rs 13422 crore in HY-23 to Rs 16596 crore for HY-24.
-Return on Assets (ROA) improved to 0.53% for HY-24 as against 0.31% for HY-23.
-Return on Equity (ROE) also improved to 3.94 % for HY-24 as against 2.29 % for HY-23.

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