The Hindu Business Line : Other income lifts Centurion net

Backed by a growth in other income, Centurion Bank of Punjab has posted a 33.76 per cent in net profit at Rs 41.64 crore for the quarter ended September 30, 2007, against Rs 31.13 crore in the corresponding quarter of the previous fiscal.

The other income grew by 78.36 per cent at Rs 157.05 crore (Rs 88.05 crore). A press release from the bank said that about four per cent of the non-interest income came from the operations of the erstwhile Lord Krishna Bank.

“An increase in fees and commission from wealth management, core banking, retail assets and foreign exchange businesses contributed to this growth,” said Mr Anil Jaggia, Chief Operating Officer, Centurion Bank of Punjab.

The operating profit has gone up by 78 per cent. The net profit and operating profit for the bank include a negative impact of Rs 2.3 crore and Rs 9.7 crore respectively on account of the loss in operations of the erstwhile Lord Krishna Bank, without which the reported earnings would have been higher, said the release.

The net interest income went up by 35 per cent at Rs 170.5 crore (Rs 126.19 crore). The net interest margin was at 3.5 per cent (5.1 per cent).

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