Central Bank of India Aims for ₹5,000 Crore Profit by FY27, Says MD Kalyan Kumar
Central Bank of India well-positioned to surpass Rs 5,000 cr profit in FY27: MD Kalyan Kumar
Image: The Economic Times
The Central Bank of India is targeting an annual profit of ₹5,000 crore in FY27, following a one-time tax adjustment. MD Kalyan Kumar emphasized the importance of customer-centric services, HR transformation, and technology in achieving this goal, alongside plans to expand its branch network and workforce.
- 01Central Bank of India reported a profit of ₹4,369 crore in FY26 and aims to exceed ₹5,000 crore in FY27.
- 02The bank will benefit from a new tax regime, adding ₹600-700 crore to its annual profit.
- 03Plans include opening 150 new branches and hiring 1,400 additional staff to support growth.
- 0465% of the bank's branches are located in rural and semi-urban areas.
- 05Kumar highlighted the importance of cybersecurity in maintaining customer trust.
Advertisement
In-Article Ad
The Central Bank of India is poised to achieve an annual profit exceeding ₹5,000 crore in FY27, according to MD and CEO Kalyan Kumar. The bank's profit for FY26 was ₹4,369 crore, and the transition to a new tax regime is expected to provide an additional ₹600-700 crore boost. Kumar emphasized the need for customer-centric services, HR transformation, and technological advancements to align with market changes. The bank plans to open 150 new branches and hire about 1,400 employees to meet its growth objectives, with a significant focus on rural and semi-urban areas where 65% of its branches are located. Cybersecurity remains a priority to ensure safe transactions and maintain customer trust. Kumar expressed confidence in the bank's role in the Indian economy's future.
Advertisement
In-Article Ad
The Central Bank of India's expansion and profit growth plans will enhance banking services, particularly in rural areas.
Advertisement
In-Article Ad
Reader Poll
Do you believe Central Bank of India will achieve its profit target of ₹5,000 crore in FY27?
Connecting to poll...
More about Central Bank of India
Read the original article
Visit the source for the complete story.