Central Bank of India's Q3 Profit Surges 33% Amidst Strategic Acquisitions

State-owned Central Bank of India reported a 33% rise in net profit to Rs 959 crore for Q3 ending December 2024, compared to Rs 718 crore last year. Total income surged to Rs 9,739 crore, and asset quality showed improvement. The bank also secured approvals for strategic acquisitions.

In a notable financial performance, the state-owned Central Bank of India has announced a 33% increase in net profit, reaching Rs 959 crore for the third quarter ending December 2024. This marks a significant rise from Rs 718 crore during the corresponding period a year ago. Total income for the quarter expanded to Rs 9,739 crore, up from Rs 9,139 crore last year, according to the bank's latest regulatory filing.

The bank's core business witnessed solid growth, with interest income climbing to Rs 8,509 crore, compared to Rs 7,809 crore a year prior. Additionally, operating profits saw an uptick to Rs 1,963 crore, signaling effective management and cost control. Asset quality also demonstrated notable improvement, as gross Non-Performing Assets (NPAs) declined to 3.86% from the previous year's 4.50%, while net NPAs reduced to 0.59% from 1.27%.

Strategically, the bank has successfully acquired stakes in Future Generali India companies, securing Competition Commission of India's approval for a significant buyout with Future Enterprises Ltd. This strategic move is poised to enhance the bank's financial services portfolio, signified by its decisive bid and subsequent acquisition actions taken in 2024.

(With inputs from agencies.)