Centurion Bank net up 171 per cent in Q2

Mumbai: Centurion Bank Limited has ended the July-September 2004 quarter with a 171 per cent increase in net profit at Rs5.26 crore from Rs1.94 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 Rs2.84 crore.

Total income came down to Rs95.89 crore from Rs 02.77 crore in the year-ago period. Net interest income increased by 54 per cent to Rs42.94 crore during this quarter as compared to Rs27.83 crore in the year-ago period. A decline in income was on account of a dip in other operating income at Rs12.64 crore (Rs26.07 crore) which includes a loss of Rs0.32 crore in treasury income.

Retail assets rose by 81 per cent to Rs1,658 crore from Rs914 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 Rs288 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 Rs1812.13 crore.