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%.