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CBI, HSBC Unite for Mutual Fund Access
31 Jan
Summary
- Central Bank of India partners with HSBC Asset Management.
- Customers gain access to a wider range of mutual funds.
- CBI's Q3 net profit rose 31.6% to ₹1,262 crore.
Central Bank of India has forged a new distributorship agreement with HSBC Asset Management India. This strategic partnership allows Central Bank of India customers to access and invest in a wider array of mutual fund products offered by HSBC.
The collaboration seeks to empower customers by enabling them to deploy their savings across more diversified investment avenues. HSBC Asset Management India manages the HSBC Mutual Fund and previously integrated the L&T Investment Management business in November 2022.
In parallel, Central Bank of India disclosed its third-quarter financial results, which presented a mixed performance. The bank's net interest income saw a marginal decline of 1% year-on-year, settling at ₹3,503 crore. However, net profit experienced a significant surge of 31.6%, amounting to ₹1,262 crore, bolstered by a notable increase in other income.
Furthermore, the bank reported enhancements in its asset quality during the December quarter. Gross non-performing assets (NPAs) decreased to 2.7%, while net NPAs eased to 0.45% sequentially, indicating a healthier balance sheet.
