Centurion Bank posts loss of Rs 105 crore

Our Banking Bureau
03 July 2004

Mumbai: Centurion Bank has posted a net loss of Rs 105.14 crore for the year ended March 2004, compared to a net loss of Rs 25.36 crore in the previous year. The high losses were due to higher provisioning.

The bank made provisions of Rs 117 crore during the year under review and provisions of Rs 425 crore over a four-year period.

Speaking to newspersons, Rana Talwar, chairman, said: "Now we have a clean balance sheet before us. The excitement begins now as we have a platform to go forward on. We will have a net NPA of three per cent by this year-end.''''

Talwar received RBI approval to be chairman of Centurion Bank on Wednesday.

Net NPA as a percentage to total assets of the bank was at 4.3 per cent compared to 7.5 per cent the previous year.

In terms of numbers, the net NPA figure stood at Rs 69 crore (Rs 104 crore). Gross NPAs stood at Rs 221 crore (Rs 228 crore). The bank has conducted provisioning with a coverage ratio of 69 per cent, higher than the industry average of 60 per cent.