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Wednesday, October 18, 2006

Centurion Bank - Growing Aggressively

Centurion Bank - Net Up 49 %

Centurion Bank of Punjab (CBoP) has registered 49% rise in net profits to Rs 31.1 crore for the second quarter ended September 30, 2006 against Rs 20.9 crore for the corresponding period last year. The bank’s earnings per share (non-annualised) increased to Rs 0.21 from Rs 0.16 during the same period last year. The net interest income for the quarter increased by 44% to Rs 135 crore from Rs 94.1 crore in the corresponding quarter last year. The net interest margin for period improved to 4.7% from 4.4% last year, while cost of deposits increased to 5.4% against 4.6% during the previous fiscal. Other income comprising primarily of fee-income increased by 70% to Rs 88.1 crore in the second quarter from Rs 51.7 crore in the previous year.

CBoP chief operating officer Anil Jaggia said, “Our principle growth engine would be the organic route. However, we are actively seeking any inorganic growth opportunity.” The net non-performing loans stood at 1.3% of net advances as on September 30, 2006, against 2.6% last year. Capital adequacy stood at 11.6% compared with 10.9% last year. “We may look at raising hybrid Tier I capital and Upper Tier II capital, after receiving approvals from the RBI for raising capital through private placement,” said Jaggia. Deposits grew 41% to Rs 11,383 crore during the quarter from Rs 8,071 crore last year. Meanwhile, net advances increased 61% to Rs 8,385 crore from Rs 5,113 crore during the previous year.

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