Central Bank of India reported on April 29 that its net profit for the quarter ended March 31, 2023, surged 84% to Rs 571 crore. The bank posted a profit of Rs 310 crore for the same period last year. On a sequential basis, the lender’s profits were up 25%.

The bank’s net interest income (NII) rose 45.35% year-on-year to Rs 3,513 crore in Q4FY23, compared to Rs 2,417 crore in Q4FY22. A quarter-on-quarter increase of 6.94%.

Central Bank of India also said its operating profit rose 16.27% to Rs 2,108 crore in the current quarter from Rs 1,813 crore in the previous fiscal. Operating profit increased by 16.65% quarter-on-quarter.

Central Bank of India’s asset quality improved in the March quarter. Gross non-performing assets increased 640 bps to 8.44% (yoy), while its net non-performing assets increased 220 bps to 1.77% (yoy).

The bank’s provision coverage ratio is 92.48% (yoy), improving 579 basis points.

Subsequently, the bank’s gross NPA is 8.44%, compared with 8.85% in the December quarter, and its net NPA is 1.77%, compared with 2.09% in the December quarter.

In the banking sector, the number of digital transactions for internet banking, mobile banking, IMPS and UPI transactions has also increased by 37.39% in FY22-23 compared to the same period in FY21-22.

Also, the lender’s business per employee rose to Rs 18.70 crore from Rs 17.52 crore a year earlier.

Meanwhile, shares of RBI closed 4.44% at Rs 30.35 per share on the BSE on the last trading day of the month (April 28).