Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Centurion Bank net up 171 pc in Q2 Our Bureau
Mumbai , Oct. 11 CENTURION Bank Limited has ended the July-September 2004 quarter with a 171 per cent increase in net profit at Rs 5.26 crore from Rs 1.94 crore in the year-ago period. This improvement in net profit is primarily because of a reversal of provisions made previously to the extent of Rs 2.84 crore. Total income edged down to Rs 95.89 crore from Rs 102.77 crore in the year-ago period. Net interest income increased by 54 per cent to Rs 42.94 crore during this quarter as compared to Rs 27.83 crore in the year-ago period. A decline in income was on account of a dip in other operating income at Rs 12.64 crore (Rs 26.07 crore) which includes a loss of Rs 0.32 crore in treasury income. Retail assets rose by 81 per cent to Rs 1,658 crore from Rs 914 crore in the year-ago period. The bank's capital adequacy ratio stands at 9.51 per cent as compared to 2.15 per cent in the year-ago period. This is primarily because of the recent capital infusion through a rights issue. The bank raised Rs 288 crore shoring up the capital adequacy ratio. At the end of September 2004, gross NPAs stood at 10.24 per cent and net at 3.41 per cent. Yield on advances stood at 12.6 per cent, yield on interest at 4.93 per cent and net advances at Rs 1812.13 crore. In anticipation of an increase in interest rates the bank had cut the duration of its mark-to-market book to under one year. The bank has also not transferred any securities to HTM as permitted by RBI on September 2, 2004.
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