The Directors have pleasure in presenting the Annual Report of the Bank along with the Audited Statement of Accounts, the Profit and Loss accounts and the cash flow statement for the year ended March 31, 2024.

1. Performance Highlights:

» Total Business of the Bank stood at ' 636756 crore as at March 31,2024 compared to ' 577075 crore as at March

31,2023.

» Total Deposits stood at ' 385011 crore as against ' 359296 crore in March 31,2023.

» Total Advances of the Bank stood at ' 251745 crore as against '217779 crore in March 31,2023.

» Total Income for the financial year ended March 31,2024 was ' 35434 crore as compared to ' 29626 crore for the financial year ended March 31,2023.

» Non-Interest Income of the Bank stood at ' 4712 crore for the financial year ended March 31,2024 compared to ' 4084 crore for the financial year ended March 31,2023.

» Operating Profit of the Bank increased to '' 7363 crore for the financial year ended March 31,2024 as compared to ' 6884 crore for the corresponding previous financial year ended March 31,2023 showing increase of 6.96%.

» The Bank has earned Net Profit of ' 2549 crore for the financial year ended March 31,2024 as compared to Net profit of ' 1582 crore during previous financial year ended March 31,2023.

» Business per employee increased to ' 19.94 crore during the financial year ended March 31,2024 from ' 18.45 crore in the previous financial year ended March 31,2023.

» Capital Adequacy Ratio (as per Basel-III) stood at 15.08% with Tier I at 12.46% and Tier II at 2.62% for the financial year ended March 31,2024. (Bank has computed Capital Ratio after adjustment for reckoning NPV of non-interest bearing recapitalization bond issued by Government of India).

» Net worth stood at ' 28053.33 crore as on March 31,2024.

» Cash Recovery (including sale of NPA & written off accounts) is ' 3636 crore in the financial year ended March 31,2024 as compared to '4213 crore in the previous financial year ended March 31,2023.

» Gross NPA to Gross Advances improved to 4.50% as on March 31,2024 from 8.44% as on March 31,2023.

» Net NPA to Net Advances reduced to 1.23% as on March

31.2024 as against 1.77% as on March 31,2023.

» Provision Coverage Ratio improved to 93.58% as on March

31.2024 from 92.48% as on March 31,2023.

» Net Interest Margin (NIM) declined to 3.40% in the financial year ended March 31,2024 as compared to 3.47%* in the Financial Year ended March 31,2023.

» Return on Assets (ROA) is 0.63% for the Financial Year ended March 31,2024.

» The credit deployment under priority sector stood at '18135.91 crore during FY 2023-24. However, to take an advantage of excessive lending over ANBC in Priority Sector credit, Bank undertook sale/purchase transactions in PSLCs. During the year Bank sold PLSCs worth ' 1500 crore under PS Advances.

» Agriculture Advance of the Bank stood at ' 46063 crore for the financial year ended March 31,2024 as against '42110 crore for the previous financial year ended March 31,2023.

» MSME Advance for the financial year ended March 31,2024 stood at '49870.00 Crore without PSLC and investment in SIDBI is ' 218.50 crore and Mudra limited is ' 15.54 crore.

» Retail Loans increased to ' 71193 crore in financial year ended March 31,2024 from ' 62726 crore in financial year ended March 31,2023.

» Housing Loan portfolio of the Bank stood at ' 44057 crore for the financial year ended March 31, 2024, registering y-o-y growth of 13.57%. Housing Loan Portfolio constitutes 61.88% of the total Retail Portfolio as on March 31,2024.

» There are 46 RSETIs in 9 States of the country viz. Madhya Pradesh (18), Bihar(9), Maharashtra(6), Uttar Pradesh (5), West Bengal(3), Chhattisgarh (2), Rajasthan (1), Odissa (1) and Assam (1). During the year 2023-24, the RSETIs conducted 1052 training programmes and imparted training to 31053 candidates. Out of this, 23883 (i.e.77%) trainees were settled through bank credit, wage settlement and selffinance. Credit linkage of settled candidates achieved is 14174 i.e. 59.34%.

» Bank has 2 RRBs as on 31stMarch 2024 in 2 states covering 23 districts with a network of 1170 branches.. Under Financial Inclusion, Bank deployed total 11682 BC Agents. Bank has opened 1242 Urban Financial Inclusion centres.

» Total earning from Bancassurance business is ' 129 crore for the financial year ended March 31,2024..

» Bank is having pan India presence with network of 4500 branches with 65.27 % (2937 branches) in rural & semiurban areas, 4084 ATMs and 11682 BC Points with total 20266 Touch Points as on 31^st March 2024.

* Figures have been recalculated/ regrouped wherever necessary to confirm the current year classification

2. Income & Expenditure:

Details of income and expenditure for the financial year 2023-24 are given hereunder:

3. Provisions:

Details of Total Provisions of ' 4814 crore charged to the Profit and Loss Account during the financial year 2023-24 visa-vis previous financial year are detailed as under:

7. Net Profit/Loss:

The Bank has earned net profit amounting to ' 2549 crore during the financial year ended March 31, 2024. Board of Directors has not recommended any dividend on equity shares for the Financial Year 2023-24.

8. Dividend:

With a view to conserve resources for future business operations of the Bank, your Directors did not recommend any dividend for the financial year 2023-24.

9. Changes in the Board during the year:

Shri Rajeev Puri, ceased to be Executive Director of the Bank on account of superannuation from the services of Bank on 30.06.2023.

Shri P J Thomas ceased to be Director of the Board of the Bank w.e.f 14.07.2023 who was appointed as RBI Nominee Director on the Board of the Bank by the Government of India w.e.f 28.09.2020.

Smt. Charulatha S Kar was appointed as RBI Nominee Director of Bank by the Government of India w.e.f

14.07.2023.

Shri Mahendra Dohare was appointed as Executive Director of the Bank by the Government of India w.e.f

09.10.2023.

Further, Shri Priavrat Sharma was appointed as Part Time Non-Official Director under Chartered Accountant Category by the Government of India w.e.f 08.05.2023

10. Whistle Blower Policy:

Bank follows Central Vigilance Commission Guidelines on Whistle Blower complaints under Public Interest Disclosure and Protection of Informers (PIDPI) resolution. Bank has a web based portal in the name of “Cent e-Whistleblower” to facilitate reporting of malpractices by Employees and Directors without revealing their identities, which would be known to the General Manager - Human Resources Department. Directors and Employees may also approach Chairman of the Audit Committee of the Board directly. This may help to curb malpractices, prevent frauds and boost up morale of the employees.

11. Performance Evaluation of The Directors and the Board:

In terms of Regulation 25 of SEBI (LODR) Regulations 2015, the performance of the Board as whole and nonindependent directors was evaluated by the Independent Directors in a separate Meeting held on 05^th September, 2023.

Further, the performance evaluation of Whole Time Directors is carried out by Committee of Board for Performance Evaluation on the basis of guidelines prescribed by Government of India. Further, Performance of non-official Directors/ Shareholder Director is done by Board of Directors on annual basis.

12. Board and Its Sub-Committees:

The composition of the Board and its Sub-committees as required to be constituted as per the SEBI (LODR) Regulations, Government of India / Reserve Bank India Guidelines and the meetings held therein are mentioned in the Corporate Governance Report.

13. Declaration by Independent Directors during the Year:

All the Independent Directors of Bank have submitted the declaration confirming that they meet the criteria of independence as provided under Regulation 25 of SEBI (LODR) Regulations, 2015.

14. Secretarial Audit:

Pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, Bank had appointed M/s. S.G. & Associates (proprietor Mr. Ganesh Ganpule), Practicing Company Secretaries, Mumbai as a Secretarial Auditor to undertake Secretarial audit of Bank for the financial year 2023-24. The Secretarial Audit Report is annexed to this Report.

15. Management’s Discussion and Analysis Report:

Pursuant to Regulation 34 read with Schedule V to the Listing Regulations, Management's Discussion and Analysis for the year under review is presented in a separate section forming part of the Annual Report.

16. Business Responsibility and Sustainability Report:

Business Responsibility and Sustainability Report as stipulated under Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been annexed to this report and also hosted on the website of the Bank (www.centralbankofindia.co.in).

17. Dividend Distribution Policy:

In accordance with the Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Bank has formulated a Dividend Distribution Policy. The policy has been displayed on the Bank's website at (www.centralbankofindia.co.in).