The Hindu Business Line : Centurion Q1 net zooms to Rs 11 cr

CENTURION Bank's net profit for the first quarter ended June 30 has jumped to Rs 11.07 crore from Rs 3.15 crore in the corresponding previous quarter.

This surge in growth is due to the strong growth in retail and SME sectors, as was the case in the last five quarters, according to Mr Shailendra Bhandari, Managing Director.

Total income rose by 30 per cent to Rs 119.82 crore (Rs 91.68 crore).

Net interest income grew by 25.8 per cent to Rs 53 crore (Rs 42.1 crore).

Net interest margin (NIM) was at 5.3 per cent (5.7 per cent).

Net non-performing loans were 2.4 per cent of net advances, against 4.4 per cent last year.

Mr Bhandari said, "Our NIM is among the highest in the industry. We have focused on wealth management and fee income, which have grown dramatically."

This is reflected in the increase in other income, which touched Rs 20.6 crore (Rs 6.6 crore).

Retail advances grew by 66.6 per cent to touch Rs 2,2319.6 crore (Rs 1,392.7 crore), while retail deposits grew by 18.6 per cent to touch Rs 3,564.2 crore (Rs 3,004.8 crore).

Corporate and SME advances grew by 49.1 per cent to touch Rs 510.5 crore (Rs 342.5 crore).

Last month Centurion Bank announced the merger with Bank of Punjab and the share-swap ratio has been fixed at 4:9, i.e., for every four shares of Bank of Punjab its shareholders would receive nine shares of Centurion Bank.

The bank's capital adequacy ratio is at 20.7 per cent (5.1 per cent).

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