Central Bank of India reported 14.2% increase in standalone net profit to Rs 235 crore on a 0.9% rise in total income to Rs 6,357 crore in Q1 FY23 over Q1 FY22.
Operating profit during the quarter declined 0.9% YoY to Rs 1,221 crore. Operating profit margin was 19.21% in Q1 FY23 as against 19.56% in Q1 FY22.
Provisions and Contingencies increased by 49.6% to Rs 913.67 crore in Q1 FY23 from Rs 610.64 crore in Q1 FY22. Provisions for NPAs was Rs 959.26 crore in Q1 FY23 as compared with Rs 75.36 crore in Q1 FY22.
Profit before tax in Q1 FY23 stood at Rs 308 crore, down by 50.5% from Rs 622 crore in Q1 FY22. Tax outgo during the period under review was Rs 73 crore, down 82.5% YoY.
On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 29,002 crore as on 30 June 2022 as against Rs 27,892 crore as on 30 June 2021 and Rs 28,156 crore as on 31 March 2022.
The ratio of gross NPAs to gross advances stood at 14.90% as on 30 June 2022 as against 15.92% as on 30 June 2021 and 14.84% as on 31 March 2022.
The ratio of net NPAs to net advances stood at 3.93% as on 30 June 2022 as against 5.09% as on 30 June 2021 and 3.97% as on 31 March 2022.
Central Bank of India is a public sector bank. The bank has a pan India presence with network of 4,528 branches, 2,999 ATMs and 10,644 BC Points with total 18,171 touch points as on June'22.
The scrip fell 1.89% to end at Rs 18.15 on the BSE today.
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