The Hindu Business Line : Strong retail growth helps Centurion Bank

CENTURION Bank has posted a net profit of Rs 9.6 crore for the fourth quarter ended March 31, 2005, against a loss of Rs 97.7 crore in the corresponding quarter last year, on account of strong retail growth, halving of NPAs and increase in fee-based income.

Total income for the quarter was Rs 119.70 crore (Rs 86.75 crore) - total interest earned was Rs 91.13 crore (Rs 83.22 crore).

For the financial year 2004-05, the bank posted a net profit of Rs 25.1 crore as against a loss of Rs 105.1 crore in the previous year.

Net Interest Margin (NIM) for the year grew 26 per cent to Rs 5.8 crore (Rs 4.6 crore).

Mr Shailendra Bhandari, Managing Director, Centurion Bank, said, "We have a very solid retail business. Our NIM is very high, possibly the highest in the industry. The fee-based income increased because of wealth management services and insurance. We also cleaned our balance sheets by reducing our NPAs to half."

Net NPAs improved to 2.5 per cent for 2004-05, (4.3 per cent). Capital adequacy ratio improved to 23 per cent..

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