Public lender Central Bank of India on July 17 reported net profit of Rs.418.4 crore for the April-June 2023 quarter, up from Rs.235 crore for the corresponding period last year.

The bank’s gross non-performing debt (GNPA) also improved to 4.95 percent from 8.44 percent in the previous year. The lender’s net NPA was 1.75 percent, up from 1.77 percent in the corresponding quarter last year. This is due to improvements in asset quality and an increase in the bank’s net interest margins.

The bank’s gross NPA declined in absolute terms to Rs. 10,891 crore by the end of the June quarter, compared to Rs.

Net NPA in absolute terms stood at Rs.3,718 crore as of June 30 compared to Rs.6,785 crore a year earlier.

The bank’s reserve coverage ratio was 92.23 percent, an improvement of 562 basis points from the prior year. A basis point is one hundredth of a percentage point.

Net interest income (NII) increased by 48.27 percent in the first quarter of fiscal 2024 to 3,176 billion in the same period last year.

Return on assets (ROA) improved to 0.43 percent compared to 0.27 percent in the first quarter of fiscal 2023, and return on equity (ROE) also improved to 1.63 percent in the first quarter of fiscal 2024 compared to 0 .98 percent in the corresponding quarter of the last fiscal year.

capital adequacy

The overall Basel III capital adequacy ratio improved to 14.42 percent in June 2023 compared to 13.33 percent in the same month last year. The CET1 capital ratio was 12.13 percent in the first quarter of fiscal 2024, an improvement of 109 basis points.