State-owned Central Bank of India reported a 33% year-on-year rise in net profit, reaching ₹959 crore for the third quarter ended December 2024, from ₹718 crore in the same period last year.
The bank’s total income rose to ₹9,739 crore during the quarter, as against ₹9,139 crore a year ago. Interest income rose to ₹8,509 crore from ₹7,809 crore, while operating profit rose to ₹1,963 crore from ₹1,931 crore in December 2023.
On the asset quality front, the bank’s gross non-performing assets (NPAs) came in at 3.86% of total loans, from 4.50% a year ago. Net NPAs also declined significantly to 0.59% from 1.27% in the same period.
The bank’s capital adequacy ratio improved to 16.43% from 14.74% a year ago and its provision coverage ratio increased to 96.54% from 93.73% in the third quarter of last year. In a major development, Central Bank of India has successfully bid to acquire stake in Future Generali India Insurance Company Limited (FGIICL) and Future Generali India Life Insurance Company Limited (FGILICL) from Future Enterprises Limited (FEL).
After issuing a letter of intent in August 2024, the bank has completed payment of ₹508 crore including 15% earnest money deposit. The Competition Commission of India (CCI) approved the acquisition in October 2024, giving the bank a 24.91% stake in FGIICL and 25.18% in FGILICL. This acquisition is in line with the Bank’s strategic efforts to diversify its portfolio and strengthen its financial position in the market.
Central Bank of India reports 33% increase in Q3 profit, pushes stake acquisition
