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Our Bureau

Mumbai , May 19

Centurion Bank of Punjab has reported a net profit of Rs 26 crore in the quarter ended March 2006 as against Rs 9.6 crore in the quarter ended March 2005.

The results for the March 06 are of the merged entity — Centurion Bank of Punjab — and hence are not comparable with that of March 05.

However, the fourth quarter net profit was up by 12 per cent compared to Rs 23 crore in the quarter ended December 05.

Net interest income for the fourth quarter grew by 10 per cent to Rs 115 crore, from Rs 105 crore in the same period. Other income grew by 54 per cent to Rs 91 crore, against Rs 59 crore in the previous quarter.

Net advances increased by 15 per cent to Rs 6,533 crore, against Rs 5,695 crore in the previous quarter. Deposits grew by 9 per cent to Rs 9,399 crore, compared to Rs 8,588 crore.

NPA reduced

The bank has reduced its net NPA to 1.13 per cent from Rs 2.65 per cent.The capital adequacy ratio of the bank at the end of March, 06 was at 12.52 per cent. For FY 05-06, the bank has reported a net profit of Rs 87.8 crore, a growth of 250 per cent from Rs 25 crore in FY 04-05 (for Centurion Bank standalone). Centurion Bank of Punjab has sought RBI approval to open 38 branches in the next financial year. The bank currently operates from 242 branches in 122 locations.

According to a press release, the bank has entered into a co-sourcing agreement for its SME business with First India Enterprises, a subsidiary of Asia Financial Holdings, Singapore.

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