Central Bank of India shares up 5% after Q4 results; Key highlights here

Shares of Central Bank of India surged 5 per cent in Tuesday's intraday session after it posted a 28.13 per cent year-on-year (Y-o-Y) rise in its profit for the quarter ended March. 

 

Central Bank of India's stock rose as much as 5 per cent during the day to ₹39.27 per share, the biggest intraday gain since April 21 this year. The stock pared gains to trade 1.8 per cent higher at ₹38.09  apiece, compared to a 0.01 per cent decline in Nifty50 as of 10:45 AM. 

 

Central Bank of India's counter extended its advance to the second day on Tuesday and has risen over 14 per cent from its recent low of ₹33.16, which it hit early this month. The stock has fallen 28 per cent this year, compared to a 2.9 per cent advance in the benchmark Nifty50. The lender has a total market capitalisation of ₹34,440.58 crore, according to BSE data.  

 

 

Central Bank of India Q4 highlights

 

The state-owned lender posted a 28.13 per cent Y-o-Y rise in its profit for the quarter ended March, at ₹1,033.6 crore compared to ₹807.3 crore a year earlier, on the back of a rise in non-interest income and a fall in provisions.

 

Non-interest income rose 33.19 per cent to ₹1,814 crore, with fee income growing 34.16 per cent to ₹597 crore and treasury income rising by 12.05 per cent to ₹409 crore. The net interest income – the difference between interest earned and interest expended – fell 4 per cent to ₹3,399 crore, mainly due to a sharp fall in yield on advances, down 37 basis points Y-o-Y to 8.54 per cent. Cost of funds went up by 7 basis points to 4.92 per cent. 

 

Central Bank of India Q4 asset quality

 

The gross non-performing asset (NPA) ratio improved to 3.18 per cent of gross advances, registering an improvement of 132 basis points over 4.50 per cent. Further, the net NPA ratio improved to 0.55 per cent, registering an improvement of 68 basis points over 1.23 per cent. At the same time, the provision coverage ratio (PCR) stood at 96.54 per cent, with an improvement of 296 basis points on a Y-o-Y basis.

 

About Central Bank of India

 

The Central Bank of India, a public sector banking institution, is one of the oldest and largest commercial banks in India. The principal business is providing banking and financial services with a wide range of products and services to individuals, commercial enterprises, large corporations, public bodies and institutional customers.