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Central Bank of India’s gross advances rise to Rs 2.4 trn, up 14.91% Y-o-Y

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Reflecting strong momentum in business, Central Bank of India (CBoI) logged 11.55 per cent year-on-year (Y-o-Y) growth in the total business at Rs 6,17,750 crore in October-December quarter of the current financial year (Q3FY24), compared to Rs 5,53,768 crore in Q3FY23, the bank said in a regulatory filing on Thursday. 

Additionally, the bank said its gross advances also rallied 14 per cent (Y-o-Y) at 2.4 trillion in Q3FY24. It was Rs 2,08,921 crore in Q3FY23.

The lender also registered an increase in the rate of deposit growth at 9.52 per cent (Y-o-Y). While its deposit base stood at Rs 3.4 trillion in Q3FY23, it expanded to 3.7 trillion in Q3FY24, the bank said. The provisional data on deposit growth during Q3 is an increase of 1.72 per cent compared to the September quarter (Q2).

ALSO READ: AU Small Finance Bank’s advances rise 20% to Rs 67,624 cr in Q3FY24

CASA deposits down 4.82 per cent Y-o-Y

CBoI said its current account and savings accounts (CASA) was down to 49 per cent in the December quarter from 49.40 per cent in the previous quarter. The same in Q3FY23 was logged at 51.22 per cent. The bank deposits remained at Rs 1.8 trillion in the latest quarter, noting a 4.82 per cent jump (Y-o-Y).

Notably, the bank had posted a net profit of Rs 605 crore, a 90.25 per cent Y-oY jump in Q2FY24.

The Mumbai-based public sector lender has been operational since 1911 and boasts the tag of being the country’s first commercial bank, wholly owned and managed by Indians.

First Published: Jan 04 2024 | 2:01 PM IST

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