CENTRAL BANK OF INDIA NET UP 74.4% (YoY) PROVISION COVERAGE RATIO 73.3%
Mumbai, January 28, 2010:
Central Bank of India has posted a net profit of Rs. 887.17 crore for nine months ended December 31, 2009 as compared to Rs.508.73 crore for the nine months ended December, 2008 recording a growth of 74.4% on YoY basis. The total business of the Bank increased to Rs.246722 crore as on December 31, 2009 from Rs.200249 crore as on December 31, 2008, a growth of 23.21% (YoY) basis.
Gross NPA ratio declined to 2.72% as on December 31, 2009 from 2.81% as on December 31, 2008. Net NPAs as percentage of net advances declined to 0.74% as on December 31, 2009 from 1.18% as on December 31, 2008. NPA Provision Coverage increased to 73.33% as on December 31, 2009 from 58.70% as on December 31, 2008. This coverage of 73.33% is higher than 70% stipulated by RBI to be achieved by December 31, 2010. Return on Assets has increased to 0.76% as on December 31, 2009 from 0.54% as on December 31, 2008.
Net Profit for the quarter ended December amounted to Rs. 306.45 crore, a dip of 13.3% over the corresponding figure of previous year, the reason being the net profit of the Q3 of 2008-09 includes write back of depreciation in the investment to the tune of Rs. 115 crore where as Bank had to provide for additional depreciation of Rs.144 crores in the current quarter. But for the same the growth in the profit in current quarter would have shown a growth of 60%. The bench mark yield in current quarter has hardened to 7.58% from the level of 7.15% in September 09. In the corresponding period of Dec.’08 the yield had softened to 5.25% from previous level of 8.64% in Sept.’08 and thus the depreciation in the current quarter had higher impact from adverse movement of yield.
Performance Highlights of the working results as on December 2009 are as under:
BUSINESS EXPANSION
• Aggregate deposits of the Bank have increased to Rs.155648 crore as on December 31, 2009 in comparison to Rs. 118782 crore as on December 31, 2008 registering a growth of 31.0% on YOY basis.
• The CASA Deposits has grown from Rs.41513 crore as on December 31, 2008 to Rs. 46594 crore as on December 31, 2009 with a growth of 12.24% on YoY basis.
• The gross advances have increased to Rs.91074 crore as on December 31, 2009 from Rs.81467 crore as on December 31, 2008 at a growth rate of 11.8% on YoY basis.
• Business per branch has increased to Rs.64.17 crore as on December 31, 2009 compared to Rs.54.30 crore as on December 31, 2008, registering a growth of 18.2 % on YoY basis.
• Business per employee has increased to Rs.7.13 crore as on December 31, 2009 from Rs. 5.58 crore as on December 31, 2008, registering a growth of 27.7% on YoY basis.
• The investments has increased to Rs. 54338 crore as on December 31, 2009 from Rs. 37025 crore as on December 31, 2008 at a growth rate of 46.8% on YoY basis.
CAPITAL ADEQUACY
• Capital Adequacy of the Bank stands at 11.83% (Basel I) as on December 31, 2009 in comparison to 10.02% as on December 31, 2008.
• As per Basel II the CRAR stands at 12.58% as on December 31, 2009 in comparison to 10.43% as on December 31, 2008. (Tier I – 7.14% and Tier II – 5.44%)
ASSET QUALITY
• Net NPA stood at Rs.661 crore as on December 31, 2009 from Rs.945 crore as on December 31, 2008 improved by 30.05% on YoY basis.
• The percentage of net NPA as on December 31, 2009 is 0.74% of net advances.
• NPA Coverage – cum- Provision is 73.33% as on December 31, 2009
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(This is a press release from Central Bank of India)
