Central Bank shares jump 4 pc on back of strong Q1 show

The stock climbed 4.02 per cent to settle at Rs 31.59 on the BSE. During the day, it zoomed 7.30 per cent to Rs 32.59

New Delhi: Shares of Central Bank of India on Monday jumped 4 per cent after the company reported a 78 per cent rise in net profit for the June quarter.

The stock climbed 4.02 per cent to settle at Rs 31.59 on the BSE. During the day, it zoomed 7.30 per cent to Rs 32.59.

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At the NSE, it jumped 3.45 per cent to end at Rs 31.45.

In traded volume terms, 25.38 lakh shares of the company were traded at the BSE and over 3.8 crore shares on the NSE during the day.

State-owned Central Bank of India on Monday reported a 78 per cent rise in net profit at Rs 418 crore for the June quarter due to a decline in bad loans and an increase in interest income.

The lender had posted a net profit of Rs 235 crore in the year-ago period.

The total income during the quarter under review increased to Rs 8,184 crore from Rs 6,357 crore in FY23, Central Bank of India said in a regulatory filing.

Interest earned by the bank increased to Rs 7,225 crore as against Rs 5,527 crore in the June quarter a year ago.

Net interest income of the bank increased by 48 per cent to Rs 3,176 crore in Q1 FY24, it said.