Central Bank of India's third quarter standalone net profit surged 33.6% on a yearly basis and asset quality improved, according to financial results released on Monday. The stock reacted by rising 5%.
The public sector lender reported profit of Rs 959 crore, compared to Rs 718 crore in the year-ago period.
Net interest income, the difference between interest revenues and interest expenses, rose 12% from Rs 3,152 crore to Rs 3,540 crore.
Central Bank's asset quality improved, with the gross non-performing assets ratio declining to 3.86% as of Dec. 31, compared to 4.59% in the previous quarter. The net NPA ratio fell to 0.59% from 0.69% in the prior quarter.
Current account-savings account or CASA ratio rose from 49.18% to 48.98%. CASA deposites rose 5.72% to Rs 1.95 lakh crore.
Gross advances jumped 13% to Rs 2.70 lakh crore.
Central Bank Of India Share Price Movement
Central Bank Of India share price rose after Q3 result.
Central Bank Of India share price rose after Q3 result.
Central Bank of India share price advanced over 5% intraday to Rs 55.5 apiece. The scrip was trading 3.7% higher by 2:35 p.m. The benchmark NSE Nifty 50 was up 0.6%.
The stock has fallen nearly 3% in the last 12 months. The total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 52.
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