Central Bank of India reports turnaround, Posts net profit of Rs.1045 crore in FY22

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Biznextindia : In  a much needed turnaround, public sector  Central Bank of India has reported a net profit of Rs.1045 crore in the 2021-22 financial year, against a net loss of 888 crore in 2020-21. The bank has reported net profit of Rs.310 crore in the fourth quarter (Q4) of FY 22.

The Bank has earned Operating Profit of ₹ 5742 Crore (25.40%) compared to ₹ 4579 Crore on Y-o-Y basis and ₹ 1813 crore (44.69%) during Q4 FY’22 on Q-o-Q basis. CASA deposit has increased to ₹ 172480 Crore from ₹ 161926 Crore registering a growth of 6.52% on Y-o- Y basis.

Share of CASA deposit in total deposit has also improved to 50.58% in Mar’22. Gross NPA reduced from 16.55% to 14.84 % on Y-o-Y basis registering an improvement of 171 bps and from 15.16% to 14.84% on Q-o-Q basis registering an improvement of 32 bps. Net NPA reduced from 5.77% to 3.97% on Y-o-Y basis registering an improvement of 180 bps and from 4.39 % to 3.97 % on Q-o-Q basis registering an improvement of 42 bps. Provision coverage ratio (PCR) improved from 82.54% for the F.Y. 2020- 21 to 86.69% for the F.Y. 2021-22 registering an improvement of 415 bps.

Total Business has increased to ₹ 532404 Crore from ₹ 506886 Crore registering a growth of 5.03 % on Y-o- Y basis. Total Deposits have increased by ₹12719 Crore and stood at ₹ 342692 Crore as on March 31st 2022 as compared to ₹ 329973 Crore as at the end of March 31st , 2021 reflecting increase of 3.85 % on Y-o-Y basis. CASA deposit has increased to ₹ 172480 Crore from ₹ 161926 Crore registering a growth of 6.52% on Y-o- Y basis. Share of CASA deposit in total deposit has also improved to 50.58% in Mar’22.

Recently, according to a media report, the PSU bank is contemplating to close down around 600 of its loss making branches across the country to reduce its losses.

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