Central Bank of India's gross advances rise to Rs 2.4 trillion, up 14.91% year-on-year
Reflecting the strong momentum in the business community, the Central Bank of India (CBoI) recorded 11.55 percent year-on-year (year-on-year) growth in total revenue of Rs 6,17,750 crore. compared to Rs 5,53,768 crore in Q3FY23, the bank said in a regulatory filing on Thursday.
Moreover, the bank said gross advances also rose 14 percent (year-on-year) to Rs 2.4 trillion in Q3FY24. In Q3FY23, it stood at Rs 2,08,921 crore.
The lender also recorded an increase in deposit growth of 9.52 percent (year-on-year). While the deposit base stood at Rs 3.4 trillion in Q3 2023, it expanded to Rs 3.7 trillion in Q3 2024, the bank said. The preliminary data on deposit growth in the third quarter is an increase of 1.72 percent compared to the September quarter (Q2).
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CASA deposits by 4.82 percent annually
CBoI said current and savings accounts (CASA) had fallen to 49 percent in the December quarter, compared to 49.40 percent in the previous quarter. The same in Q3FY23 stood at 51.22 percent. Bank deposits remained at Rs 1.8 trillion in the last quarter, registering an increase of 4.82 percent (year-on-year).
Notably, the bank had posted a net profit of Rs 605 crore, up 90.25 percent year-on-year in Q2FY24.
The Mumbai-based public sector lender has been operational since 1911 and is credited with being the country's first fully Indian-owned and operated commercial bank.
First print: January 4, 2024 | 2:01 PM IST