Central Bank of India has posted a 90% year-on-year rise in net profit to Rs 605 crore for the quarter ended September 2023 amid healthy core income growth and a fall in bad loans.

The bank had posted a net profit of Rs 318 crore in the year-ago period.

During the quarter, total income rose to Rs 8,412 crore from Rs 7,065 crore a year ago, Central Bank of India said in a regulatory filing.

Interest income during the September quarter grew to Rs 7,351 crore as against Rs 6,155 crore in the year-ago period.

Net Interest Income (NII) grew 10.23% to Rs 3,028 crore in the second quarter of the fiscal versus Rs 2,747 crore a year ago.

Gross non-performing assets (NPAs) fell to 4.62% of gross advances as of 30 September 2023.

Net NPAs fell to 1.64% compared to 2.95% in the same period of the previous fiscal.

Provision and contingencies declined to Rs 967 crore as against Rs 1,125 crore in the same period a year ago.

Provision coverage ratio (PCR) improved to 92.54 in the quarter from 89.20 in the corresponding period a year ago.

Net interest margin improved to 3.53% versus 3.12% last year.

Capital adequacy ratio of the bank rose to 14.82% compared to 13.56%.

The bank's total business grew 11.51% to Rs 6,02,284 crore as against Rs 5,40,130 a year ago.