Central Bank of India net profit rises by 88% to Rs 306 crore
By Mumbai: | 21 May 2003
Mumbai: Central Bank of India has recorded an 88-per cent rise in its net profit at Rs 306 crore in 2002-03 against Rs 163 crore in the previous year.
The total business of the bank witnessed a near 9-per cent growth at Rs 74,324 crore. Deposits grew by 8.55 per cent to Rs. 51,165 crore and advances by 8.2 per cent to Rs 24,851 crore.
With improved recovery, the bank's net non-performing assets (NPAs), as a proportion of net advances, fell to 6.74 per cent in 2002-03 from 7.98 per cent in the previous year.
The capital adequacy ratio (CAR) stood at 10.51 per cent marginally higher than the Reserve Bank of India-stipulated 9 per cent.
On cost-cutting measures, the bank said the low-cost deposit constituted 43 per cent of its aggregate deposits. On the technology initiatives, the bank will have 100 ATMs this financial year and its wide-area network will be put into operations in 203 locations in 81 centres.
