CENTRAL BANK OF INDIA’s NET PROFIT RISES BY 26.22%
FOR Q1 - NET INTEREST INCOME SURGES 94%
Mumbai, July 29, 2010:
Central Bank of India has posted a Net Profit of 337 crore for the quarter ended June 30, 2010 as compared to Rs. 267 crore for the quarter ended June 30, 2009 recording a growth of 26.22% as on a YoY basis. Gross Profit rose by 85.04% from Rs. 361 crore in Q1 2009-2010 to Rs. 668 crore in Q1 2010-2011. This increase was due to a substantial growth of 94% YoY in Net Interest Income from Rs. 577 crore for Q1 2009-2010 to Rs. 1119 crore for Q1 2010-11.
The Total Business of the Bank increased to Rs. 2,62,120 crore as on June 30, 2010 from Rs. 2,24,029 crore as on June 30, 2009, registering a growth of 17% (YoY) basis. Gross NPA ratio declined to 2.43% as on June 30, 2010 from 2.55 % as on June 30, 2009. Net NPAs was 0.77% as on June 30, 2010. NPA Provision Coverage was 68.75% as on June 30, 2010. Return on Assets has increased to 0.78% as on June 30, 2010 from 0.74% as on June 30, 2009. Cost to Income Ratio improved to 51.1% for Q1 2010-11 from 62.82% for Q1 2009-10.
The above information was given by Mr. S. Sridhar, Chairman & Managing Director of the Bank, while addressing a Press Conference at Mumbai on 29th July, 2010.
Mr. Sridhar, Chairman & Managing Director of the Bank stated that the Bank had raised Rs. 250 crore by way of Tier I Capital subscribed to by G.O.I. as also Rs. 1000 crore by way of Tier II Capital Adequacy Ratio (Basle II) stood at 12.80% as on 30.06.2010 as compared to 13.55% as on 30.06.2009.
Mr. Sridhar, CMD also mentioned that 780 branches were migrated to CBS during the quarter bringing the total number of CBS branches to 2362 i.e. 65.5% of total number of branches, comprising 83.3% of Bank’s business.
15 centralised Retail Credit Processing Centers were opened during the quarter. As part of CBI’s role as Official Banker to the Commonwealth Games, a branch was opened in the headquarters of the Organizing Committee of the CWG at Parliament Street, New Delhi. A second Corporate Finance Branch has been opened in Mumbai. 60 branches in the country are being designated as specialized SME branches to support the Bank’s thrust on SME Advances.
Performance Highlights for the Quarter ended June 30, 2010 are given as hereunder :
BUSINESS EXPANSION
• Aggregate Deposits of the Bank have increased to Rs. 1,54,559 crore as on June 30, 2010 in comparison to Rs. 1,36,669 crore as on June 30, 2009 registering a growth of 13.09 % (YoY) basis.
• CASA Deposits grew by 22.23% from Rs. 43,197 crore as on June 30, 2009 to Rs. 52,803 crore as on June 30, 2010. CASA Deposits constituted 34.16% of Total Deposits as on June 30, 2010.
• Gross Advances increased to Rs.1,07,561 crore as on June 30, 2010 from Rs. 87,360 crore as on June 30, 2009 i.e. 23.12 %.
• Business per branch has increased to Rs. 71.78 crore as on June 30, 2010 compared to Rs. 60.69 crore as on June 30, 2009, registering a growth of 18.27%.
• Business per employee has increased to Rs. 792.11 lacs as on June 30, 2010 from Rs.649 lacs as on June 30, 2009, registering a growth of 22.11%.
• The investments have increased to Rs. 48,389 crore as on June 30, 2010 from Rs. 44,836 crore as on June 30, 2009 at a growth rate of 7.92 % on YoY basis.
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(This is a press release from Central Bank of India)
