Mon Jan 20 17:58:04 UTC 2025: ## Central Bank of India Reports Significant Profit Increase in Q3 2024
**New Delhi, January 20, 2025** – State-owned Central Bank of India announced a substantial increase in its third-quarter profit, surging to ₹959 crore (approximately $117 million USD, assuming an exchange rate of 82 INR per USD) for the period ending December 2024. This represents a ₹33 crore jump compared to the ₹718 crore profit reported in the same quarter of the previous year.
The bank attributed the growth to a rise in total income, reaching ₹9,739 crore, and an increase in interest income to ₹8,509 crore. Operating profit also saw an improvement, climbing to ₹1,963 crore. Furthermore, the bank reported improvements in asset quality, with gross Non-Performing Assets (NPAs) decreasing to 3.86% of total loans from 4.50% a year ago. Net NPAs also showed a significant drop, falling to 0.59% from 1.27%.
The bank’s financial strength is further highlighted by a rise in its Capital Adequacy Ratio to 16.43% and an improved Provision Coverage Ratio to 96.54%.
In other news, the Central Bank of India successfully completed its acquisition of stakes in Future Genarali India Insurance Company Ltd and Future Genarali India Life Insurance Company Ltd, having received necessary approvals from the Competition Commission of India. The bank submitted a ₹508 crore bid and has already completed the financial transactions.
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