Stock market climbs to record high ahead of RBI MPC meet
At the close, the Sensex ended 350.81 points, or 0.47% higher at 74,227.63 while the Nifty 80 points or 0.36% at 22,514.70.
The Central Bank of India on Thursday posted a jump of 27.20 per cent in its net profit at Rs 318 crore for the quarter ended September 30 against Rs 250 crore in the year-ago period.
The Mumbai-headquartered bank’s net interest income for the year has increased to Rs 2,747 crore as compared to Rs 2,206 crore for the corresponding quarter ended September 30, registering a 24.5 per cent year-on-year growth at Rs 541 crore.
Operating profit increased to Rs 1,748 crore from Rs 1,445 crore in the year-ago period due to an increase in total interest income by Rs 661 crore.
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The bank had exited the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) after demonstrating sustained performance under all the parameters during the last five quarters. The performance has further improved during the September quarter.
Gross advances rose 12.20 per cent to Rs 1,97,022 crore in September 30, 2022 as against Rs 1,75,594 crore in the year-ago period. Net NPA has improved from 4.51 per cent to 2.95 per cent for the same quarter last year. Net NPAs in absolute terms have also declined to Rs 5,407 crore from Rs 7,004 crore on a year-on-year basis.
The total business of the bank stood at Rs 5,40,103 crore during the reviewed quarter, against Rs 5,12,094 crore, registering a 5.47 per cent y-o-y growth.
The current account savings account (CASA) deposits have increased by Rs 7,093 crore to Rs 1,74,296 crore, reflecting a 4.24 per cent growth. CASA share in total deposits has improved from 49.79 per cent as at the end of September 30, 2021, to 50.99 per cent as of the end of September 30, 2022.
Total deposits have increased by Rs 6,581 crore and stood at Rs 3,43,081 crore as on September 30, 2022 as compared to Rs 3,36,500 crore in the year-ago period, reflecting an increase of 1.96 per cent.
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