CENTRAL BANK OF INDIA’s NET PROFIT RISES BY 26.22%
FOR Q1 - NET INTEREST INCOME SURGES 94%
Mumbai, July 29, 2010:
SEGMENTWISE ADVANCES
• Under Priority Sector Advances of the Bank, the agriculture advances stood at Rs. 16,566 crore at the end of June 30, 2010 increased from Rs. 14,115 crore at the end of June 30, 2009 registering growth of 17.36 % on YoY basis.
• Under SME sector the advances were at Rs. 9,249 crore as on June 30, 2010 as against Rs. 6,887 crore for the corresponding period of previous year registering a growth of 34.29% on YoY basis.
• Retail Loans grew from Rs.9,397 crore as on June 30, 2009 to Rs. 11,516 crore as on June 30, 2010 with a growth of 22.55 % on YoY basis.
• Corporate Credit portfolio of the Bank registered YoY growth of 23.29% with the outstanding at Rs.70,230 crore as on June 30, 2010 vis-à-vis Rs. 56,961 crore as on June 30, 2009.
KEY INITIATIVES DURING THE QUARTER
Retail Banking:
• Centralized Credit Processing Centre for Retail Credit operational in 15 centres.
New Products Launched:
• Cent Swabhiman Plus: First innovative product in country for senior citizen named Reverse Mortgage Loan enabled Annuity (RMLeA) Recurring Deposit with personal accident cover.
• Personalized Gold loans
• Life Insurance to Housing Loan borrowers
Department of Information Technology:
• 780 Branches migrated to CBS bringing the total number to 2362 (65.5%) covering 83.3 % of Bank’s business.
New Initiative Department:
• Pan - India agreement with Stock Holding Corporation of India Ltd. (SHCIL) for launching E-Stamping activities
• Agreement with Bajaj Allianz Life Insurance for extending life insurance cover to Educational Loan borrowers
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(This is a press release from Central Bank of India)
