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 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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