Business Daily from THE HINDU group of publications
Wednesday, Oct 18, 2006
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Business Daily from THE HINDU group of publications Wednesday, Oct 18, 2006 ePaper |
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Corporate Results
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Private Banks Money & Banking - Financial Performance Growth in advances lifts Centurion net Our Bureau
Mumbai , Oct. 17 Growth in advances and fee incomes has helped Centurion Bank of Punjab to post a 49 per cent rise in net profit at Rs 31.13 crore for the second quarter ending September 30, 2006, against Rs 20.9 crore during the same period last year. Total income stands at Rs 375.03 crore (Rs 243.89 crore). Net retail advances have shown a growth of about 61 per cent to Rs 5,701.7 crore (Rs 3,531.4 crore) while the corporate and SME advances have risen by about 72 per cent to Rs 2,720 crore. The net interest margin has also improved as yields on advances have moved up, said Mr Anil Jaggia, COO, Centurion Bank of Punjab.
Treasury revenue
The treasury revenue of the bank has marginally moved up to Rs 63.96 crore (Rs 58.95 crore). "In our treasury, we follow a de-risking operation. We are trimming our exposure to the bonds,'' he said. The bank's net NPA improved to 1.3 per cent (2.6 per cent). "The bank follows an accelerated provisioning policy," said a bank statement. "We are not adding any NPAs in our corporate or SME segment," said Mr Jaggia. Subsequent to the merger with Bank of Punjab, the bank earned a tax credit of Rs 13.6 crore in the second quarter. The bank has now exhausted all its tax credits and its earnings are now subject to the maximum tax rate. Consequently, it has provisions for taxes amounting to Rs 19.5 crore this quarter, said the statement.
LKB merger approved
The board of directors has approved the bank's merger with Lord Krishna Bank. "Both banks have made an application to the RBI on October 3 for regulatory approvals," said the statement.
More Stories on : Private Banks | Financial Performance
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