The Hindu Business Line : Centurion Bank of Punjab Q4 net up 7.6%

Mumbai May 24 Centurion Bank of Punjab recorded a 7.6 per cent rise in its net profit to Rs 28.01 crore in the fourth quarter ended March 31, 2007 against Rs 26.04 crore in the corresponding quarter previous year due to a strong growth in advances.

The bank achieved this increase after a one-time reduction of Rs 13.2 crore due to the revised standard asset provisioning norms as prescribed by the RBI, said a press release by the bank.

The bank plans to raise about Rs 700-crore Tier-II capital this fiscal, said Mr Anil Jaggia, Chief Operating Officer, Centurion Bank of Punjab. Capital adequacy ratio is at 11.05 per cent (12.5 per cent).

The bank experienced a 72-per cent growth in advances to Rs 11,221 crore, and 58 per cent rise in deposits to Rs 14,863 crore during the quarter. The retail and corporate and SME advances increased by 65 per cent and 89 per cent, respectively.

"Within the bank's retail asset portfolio, mortgages and personal loans grew rapidly at 166 per cent and 161 per cent, respectively. As on March 31, 2007 mortgages formed the largest component of the bank's retail asset portfolio," said a press release by the bank.

"SME and agricultural lending will remain bank's focus, and we will be prudent and cautious in mortgage loans," said Mr Jaggia.

Net interest margin

The net interest margin stood at 4.38 per cent (5.07 per cent) in the quarter due to rising interest rates.

During 2006-07, the net profit was up by 38 per cent to Rs 121.38 crore against Rs 87.8 crore in the previous year.

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