Swiggy Reports ₹625.5 Cr Net Loss in Q2 Despite Revenue Growth
Central Bank of India Q2 Results: Profit rises 51% to ₹913 crore
Last Updated: 18th October 2024 - 05:39 pm
State-owned Central Bank of India announced its financial results for the quarter ended September 2024, reporting a 51% jump in net profit to ₹913 crore, compared to ₹605 crore in the same quarter last year. Total income rose to ₹9,849 crore from ₹8,412 crore year-on-year.
Quick Insights:
- Revenue: ₹9,849 crore, up by 17.1% YoY
- Net Profit: ₹913 crore, increased by 51% compared to last year
- Segment Performance: Significant growth in Retail, Agriculture, and MSME segments, with RAM business up by 19.95%.
- Management’s Take: “Strong growth driven by improved net interest income and reduced NPAs. Outlook remains positive.”
- Stock Reaction: Central Bank of India Shares up by 2.2% post-results
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Management Commentary
The management highlighted the bank's focus on improving asset quality and profitability, with an emphasis on increasing lending in key sectors.
About Company and Upcoming News
The Central Bank of India is an Indian public sector bank based in Mumbai. The management conveyed strong confidence in the bank's growth path, highlighting the notable enhancement in asset quality and substantial progress in the RAM segment as key drivers for future performance.
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