Profit at the Central Bank of India soars to Rs. 605 crore, up 90%.

Due to strong core income growth and a decline in bad loans, the Central Bank of India reported a 90% increase in net profit to Rs 605 crore for the September quarter.In the same period last year, the bank reported a net profit of Rs 318 crore.

According to a regulatory filing from the Central Bank of India, total income increased to Rs 8,412 crore during the quarter from Rs 7,065 crore the previous year.

Compared to the same period last year, interest income increased to Rs 7,351 crore during the September quarter.In the second quarter of the current fiscal year, Net Interest Income (NII) increased by 10.23% to Rs 3,028 crore from Rs 2,747 crore the previous year.

As of September 30, gross non-performing assets (NPAs) represented 4.62% of gross advances.

Additionally, net non-performing assets (NPAs) decreased to 1.64 percent from 2.95 percent in the same period of the previous fiscal year.

Consequently, compared to the same period last year, provision and contingencies decreased to Rs 967 crore from Rs 1,125 crore.The provision coverage ratio increased from 89.20 during the same period last year to 92.54 during the current quarter.

It stated that the net interest margin increased to 3.53% from 3.12% the previous year.

The bank’s capital adequacy ratio rose from 13.56 percent to 14.82 percent.

Comparing the bank’s total business to Rs 5,40,130 in the second quarter of the previous fiscal year, there was an 11.51 percent growth to Rs 6,02,284 crore.