The Hindu Business Line : Centurion Bank net rises 44%

Mumbai, Jan. 21 Centurion Bank of Punjab posted net profit of Rs 48.27 crore for the quarter ended December 31, 2008, up 44 per cent from Rs 33.51 crore in the corresponding quarter last year, on account of growth in income.

The bank saw strong growth in overall business, with advances increasing by 60 per cent and deposits by 65 per cent.

Net Interest margin improved marginally to 3.6 per cent (3.5 per cent).

Other income saw a strong growth of 57 per cent, due to an increase in fees and commissions from wealth management, retail assets and foreign exchange. Fee income constitutes 46 per cent of the bank’s total income for the quarter.

Retail advances now form 60 per cent of total advances, with mortgages accounting for 32 per cent of net retail advances. The share of two wheelers and commercial vehicle and construction equipment loans to retail assets has come down to 31 per cent from 44 per cent last year.

The percentage of net NPA to total advances increased to 1.69 per cent (1.19 per cent).

Capital adequacy ratio was 11.51 per cent (10.53 per cent).

Shares of Centurion Bank of Punjab closed at Rs 52.65 down from Rs 64.75, down 18.69 per cent.

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