Central Bank of India net profit surged 20 pc to Rs 161 crore | Central Bank of India gets Rs 161 crore net profit, profit up 20% in September quarter

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Bank’s gross NPA declined from 19.89% to 17.36% and net NPA to 7.90% to 5.60%

  • The bank’s total revenue grew nearly 2% to Rs 6,833.94 crore in the September quarter.
  • Bank’s operating profit was 42.16% at Rs. 1,458 crore during the period.

The Central Bank of India said on Friday that its net profit in the second quarter (July-September) of this business year increased by more than 20 per cent to Rs 161 crore. The bank reported a net profit of Rs 134 crore in the same quarter a year ago. The bank’s total revenue during this period grew by almost 2 per cent to Rs 6,833.94 crore, from Rs 6,703.71 crore in the year-ago quarter.

The bank’s operating profit was 42.16 per cent higher at Rs 1,458 crore, compared to Rs 1,026 crore a year ago. The bank’s gross NPA declined to 17.36 per cent of gross advance, compared to 19.89 per cent in the year-ago quarter. Net NPA came down to 5.60 per cent from 7.90 per cent in the year-ago quarter.

Net interest margin increased to 3.35% from 2.82%

The bank’s provision for bad loans and contingencies rose to Rs 1,104.92 crore in the September quarter from Rs 791.33 crore in the year-ago quarter. During this period, the provision coverage ratio improved to 82.24 per cent from 76.68 per cent in the year-ago period. The bank’s net interest margin rose to 3.35 per cent, from 2.82 per cent in the year-ago period.

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Bank of India more than doubled its net profit

Bank of India has more than doubled its net profit. The consolidated net profit of the bank stood at Rs 543.47 crore in the September quarter of this year, compared to Rs 257.31 crore in the year-ago quarter. Total income rose to Rs 12,477.79 crore during the period, from Rs 12,062.55 crore in the year-ago quarter. The bank’s net profit on a standalone basis increased to Rs 525.78 crore from Rs 266.37 crore during this period.

Union Bank of India increased net profit by 55%

Union Bank of India’s net profit grew 55.3 per cent to Rs 517 crore in the September quarter, compared to Rs 333 crore in the year-ago quarter. The bank’s net interest income grew by 6.1 percent to Rs 6,293 crore during the same period from Rs 5,934 crore in the year-ago quarter. The bank’s gross NPA ratio declined to 14.71 per cent during the period, from 15.75 per cent in the year-ago period. Net NPA also fell from 6.40 per cent to 4.13 per cent during this period.

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