Central Bank of India posts 84% YoY profit growth in Q4FY23

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The Reserve Bank of India reported a sharp rise in standalone profit for the January 23-March period during the financial year. Net profit by the national lender grew 84% year-on-year to Rs 571 crore. Net profit rose 45.4% year-on-year to Rs 3,513 crore, including earlier growth, including improved performance of the bank’s good assets, higher interest rates, non-interest income and operating profit a received before issuance contributed to good results despite growth in provision up 20.7% yoy, deposit growth stood at 5% Besides, the bank has got board approval to raise up to Rs 2,500 crore in FY24.