Tuesday, January 22, 2008

Centurion Bank of Punjab profit in the current fiscal year grew by 44%

Centurion Bank of Punjab on Monday gave the figures of the net profit it had gained in the current financial year. There has been a growth of 44% in the third-quarter net profit. There has been an increase of Rs 48 crore, a 44% increase from the Rs 33 crore net recorded during the corresponding period last year.

It said in the current fiscal year operating profit grew 108% to Rs 128 crore, from Rs 61 crore last year.

In the first quarter the bank finished with a net interest margin of 3.6%, up slightly from the 3.5% of the second quarter of 2007-08. As on December 31, 2007 end of the quarter the, net interest income increased 38% from last year to Rs190 crore.

There was a growth in the bank’s wealth management business due to which the non-interest income showed a healthy growth of 57% to Rs 160 crore. Fees contributed for 46% to the bank’s total income.

The bank said advances grew by 60% to Rs 15,083 crore and deposits by 65% Rs 20,710 crore over those at the same time last year.

The net bad loans to net customer assets amounted to 1.69%.

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