Central Bank of India Ltd. (NSE: CENTRALBK): Q3FY23 Results Out; Total Income rise 15% YoY

Central Bank of India (NSE:CENTRALBK) is a government-owned bank and one of the oldest and largest commercial banks in India. It was established in 1911 and has its headquarters in Mumbai. The bank offers a range of banking and financial services, including personal and corporate banking, loans, and investment products. It has a network of over 4,700 branches and 4,800 ATMs across the country. The bank is also known for its commitment to social and economic development, with a focus on financial inclusion and outreach to rural areas.

Central Bank of India Ltd has continued to show strong performance for the 7th consecutive quarter, with improved performance in all business parameters on a sustainable basis. In Q3FY23, the bank reported a total business growth of 6.54% to Rs 5,53,768 crore, with total deposits up by 2.12% to Rs 3,44,847 crore and gross advances increasing by 14.73% to Rs 2,08,921 crore. The credit to deposit (CD) ratio also improved, reaching 60.77%, an improvement of 674 bps. Gross NPA reduced to 8.85%, an improvement of 631 bps, while net NPA reduced to 2.09%, an improvement of 230 bps. The provision coverage ratio also improved to 91.72%, an improvement of 595 bps.

In terms of profitability, Central Bank of India Ltd reported a net profit of Rs 458 crore in Q3FY23, up by 64.16% from the previous quarter. The operating profit also grew by 44.21% to Rs 1,807 crore, with net interest income (NII) increasing by 19.93% to Rs 3,285 crore. The net interest margin (NIM) also improved to 4.07% in the quarter. The cost to income ratio improved to 57.02% on a YoY basis, while the return on assets improved to 0.50% and return on equity improved to 1.86%. The CRAR also improved to 13.76%, of which Tier I is 11.92%.

Looking at the company’s financial performance over time, Central Bank of India Ltd reported a total income of Rs 7,665.59 crores during the period ended December 31, 2022, an increase from Rs 7,093.08 crores in the previous quarter, and Rs 6,551.10 crores during the period ended December 31, 2021. The company’s net profit also increased, with a net profit of Rs 473.47 crores for the period ended December 31, 2022, up from Rs 341.41 crores in the previous quarter, and Rs 282.48 crores for the period ended December 31, 2021.

The company reported an EPS of Rs 0.55 for the period ended December 31, 2022, an increase from Rs 0.39 in the previous quarter, and Rs 0.33 for the period ended December 31, 2021. Overall, Central Bank of India Ltd has shown consistent improvement in its financial performance, with strong growth in key areas like total business, net interest income, and net profit.