Central Bank of India Q3 Profit Jumps 33% to Rs 959 Crore
By Rediff Money Desk, New Delhi Jan 20, 2025 15:23
Central Bank of India's Q3 profit surged by 33% to Rs 959 crore, driven by increased income and improved asset quality. The bank also secured CCI approval for its acquisition of stakes in Future Genarali India Insurance.
New Delhi, Jan 20 (PTI) State-owned Central Bank of India posted a 33 per cent increase in its profit at Rs 959 crore in the third quarter ended December 2024.
The bank had earned a net profit of Rs 718 crore in the same quarter a year ago.
Total income increased to Rs 9,739 crore during the quarter under review against Rs 9,139 crore in the same period last year, the Central Bank of India said in a regulatory filing.
The interest income of the bank also rose to Rs 8,509 crore during the quarter compared to Rs 7,809 crore in the same period a year ago.
Operating profit of the bank improved to Rs 1,963 crore as against Rs 1,931 crore in December 2023.
On the asset quality side, the bank's gross Non-Performing Assets (NPAs) declined to 3.86 per cent of the total loans at the end of December 2024 from 4.50 per cent a year ago.
Net NPAs or bad loans also came down to 0.59 per cent from 1.27 per cent at the end of the third quarter of the previous fiscal.
Capital Adequacy Ratio of the bank rose to 16.43 per cent as against Rs 14.74 per cent at the end of same quarter a year ago.
Provision Coverage Ratio of the bank improved to 96.54 per cent at the end of December 2024 as compared to 93.73 per cent at the end of the third quarter of the previous fiscal.
With regard to the bank's proposed acquisition of stakes of Future Enterprises Ltd (FEL) in Future Genarali India Insurance Company Ltd (FGIICL) and Future Genarali India Life Insurance Company Ltd, the bank has emerged successful bidder and issued a Letter of Intent (LoI) on August 20, 2024.
As instructed in the LoI, the bank submitted an unconditional acceptance and deposited a 15 per cent bid amount of Rs 508 crore as advance consideration i.e Rs 76.2 crore and remitted the remaining amount of Rs 431.8 crore on November 16, 2024.
The bank has received Competition Commission of India (CCI) approval for the proposed purchase of 24.91 per cent stake of FEL in Future Genarali India Insurance Company Ltd. (FGIICL) and 25.18 per cent stake of FEL in Future Genarali India Life Insurance Company Ltd (FGILICL) on October 15, 2024.
The bank had earned a net profit of Rs 718 crore in the same quarter a year ago.
Total income increased to Rs 9,739 crore during the quarter under review against Rs 9,139 crore in the same period last year, the Central Bank of India said in a regulatory filing.
The interest income of the bank also rose to Rs 8,509 crore during the quarter compared to Rs 7,809 crore in the same period a year ago.
Operating profit of the bank improved to Rs 1,963 crore as against Rs 1,931 crore in December 2023.
On the asset quality side, the bank's gross Non-Performing Assets (NPAs) declined to 3.86 per cent of the total loans at the end of December 2024 from 4.50 per cent a year ago.
Net NPAs or bad loans also came down to 0.59 per cent from 1.27 per cent at the end of the third quarter of the previous fiscal.
Capital Adequacy Ratio of the bank rose to 16.43 per cent as against Rs 14.74 per cent at the end of same quarter a year ago.
Provision Coverage Ratio of the bank improved to 96.54 per cent at the end of December 2024 as compared to 93.73 per cent at the end of the third quarter of the previous fiscal.
With regard to the bank's proposed acquisition of stakes of Future Enterprises Ltd (FEL) in Future Genarali India Insurance Company Ltd (FGIICL) and Future Genarali India Life Insurance Company Ltd, the bank has emerged successful bidder and issued a Letter of Intent (LoI) on August 20, 2024.
As instructed in the LoI, the bank submitted an unconditional acceptance and deposited a 15 per cent bid amount of Rs 508 crore as advance consideration i.e Rs 76.2 crore and remitted the remaining amount of Rs 431.8 crore on November 16, 2024.
The bank has received Competition Commission of India (CCI) approval for the proposed purchase of 24.91 per cent stake of FEL in Future Genarali India Insurance Company Ltd. (FGIICL) and 25.18 per cent stake of FEL in Future Genarali India Life Insurance Company Ltd (FGILICL) on October 15, 2024.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.28 ( -2.83)
- 28974110
- G G Engineering
- 1.27 ( -3.79)
- 22288103
- Spright Agro
- 7.61 (+ 4.97)
- 12896479
- Srestha Finvest
- 0.70 (+ 1.45)
- 12695501
- Mangalam Industrial
- 3.32 (+ 6.75)
- 9441884
MORE NEWS
NIBE Inaugurates Missiles & Small Arms Complex...
NIBE Limited inaugurates a state-of-the-art facility in Pune for manufacturing critical...

Agro Tech Foods Acquires Del Monte Foods from...
Agro Tech Foods, owner of ACT II popcorn and Sundrop, completed its acquisition of Del...

TrueFoundry Raises $19 Million from Intel...
AI startup TrueFoundry secures $19 million in Series A funding led by Intel Capital to...