Mumbai, July 17 (IANS) Central Bank of India on Friday reported a 13.3 per cent year-on-year increase in its net profit for the first quarter (Q1 FY27), driven by healthy growth in net interest income and lower provisions, even as its operating profit declined during the quarter.
The state-owned lender posted a net profit of Rs 1,324 crore for the April-June quarter, compared to Rs 1,169 crore in the corresponding period of the previous financial year (Q1 FY26), according to its stock exchange filing.
The bank’s net interest income (NII), which represents the difference between interest earned and interest paid, rose 16 per cent year-on-year to Rs 3,914 crore from Rs 3,383 crore in the year-ago quarter.
However, the bank’s operating profit declined 5.1 per cent to Rs 2,186 crore during the quarter, compared with Rs 2,304 crore in the corresponding quarter last fiscal.
The lender also reported a decline in provisions, which stood at Rs 401.6 crore during the quarter, down from Rs 521.1 crore a year earlier.
On a sequential basis, provisions also fell from Rs 504.3 crore reported in the January-March quarter.
Central Bank of India continued to strengthen its asset quality during the quarter. Its gross non-performing assets (GNPA) ratio improved sequentially to 2.60 per cent from 2.67 per cent in the previous quarter, while the net non-performing assets (NNPA) ratio remained unchanged at 0.49 per cent.
The bank did not announce any dividend along with its quarterly results. The shares of the lender were closed at Rs 31.70, down by 2.79 per cent or Rs 0.91 on Friday.
The lender said in its filing that the cost to income ratio slightly reduced to 55.40 per cent for Q1 FY27 as against 55.30 per cent reported in Q1 FY26 by 10 bps.
Cost of Deposit has improved to 4.60 per cent from 4.93 per cent (annualised), it added.
–IANS
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