Central Bank of India records net profit growth of 227% for Q2 FY10 on QoQ basis

KEY FINANCIAL RATIOS

• Cost to income ratio improved to 47.71% for the quarter ended September 30, 2009 from 60.29% for the quarter ended September 30, 2008 on QoQ basis.

• Cost to income ratio improved to 55.22% for the half yearly period ended September 30, 2009 from 62.60% for the half yearly period ended September 30, 2008 on YoY basis.

• Return on Assets has increased to 0.8% as on September 30, 2009 from 0.25% as on September 30, 2008.

• Cost of deposits has reduced to 6.54% for the quarter ended September 30, 2009 as compared to 6.86% for the quarter ended September 30, 2008 on QoQ basis.

• Cost of deposits has reduced to 6.52% for the half yearly period ended September 30, 2009 as compared to 6.80% for the half yearly period ended September 30, 2008 on YoY basis.

• Yield on advances decreased to 9.92% for the quarter ended September 30, 2009 when compared to 10.53% for the quarter ended September 30, 2008 on QoQ basis.

• Yield on Investment decreased to 6.78% for the quarter ended September 30, 2009 when compared to 7.25% for the quarter ended September 30, 2008 on QoQ basis.

SEGMENTWISE ADVANCES

• Under Priority Sector Advances of the Bank, the agriculture advances stood at Rs.14,532 crore at the end of September 30, 2009 increased from Rs. 11,816 crore at the end of September 30, 2008 registering growth of 22.98% on YoY basis.

• Under SME sector the advances were at Rs. 10,062 crore as on September 30, 2009 as against Rs. 5,796 crore for the corresponding period of previous year registering a growth of 73.60% on YoY basis.

• Retail Loans grew from Rs. 8,635 crore as on September 30, 2008 to Rs. 9,825 crore as on September 30, 2009 with a growth of 13.78% on YoY basis.

• Corporate Credit portfolio of the Bank registered YoY growth of 23.77% with the outstanding at Rs. 67,618 crore as on September 30, 2009 vis a vis Rs. 54,630 crore as on September 30, 2008.

• Under the Agriculture Debt Waiver Scheme, 4.48 lakhs Small and marginal farmers were eligible to receive Debt waiver of Rs. 975 crore and under the Debt Relief Scheme 1,12,355 other farmers were eligible to receive the Debt Relief of Rs. 287 crore.



FINANCIAL INCLUSION

• Under ‘Kisan Sathi” scheme of the bank , to mitigate the distress faced by the farmers 12,425 villages under 260 districts have been brought under 100% financial inclusion and over 15.22 lakh “No Frills “ accounts were opened as on September 30, 2009.

TECHNOLOGY INITIATIVES

• Phase I of CBS completed. 80 % of business covered.
• SMS alerts for all account holders
• PRE – PAID Gift Card
• Retail sale of Gold Loans
• Auto Debit Facility introduced for payment of bills
• Pre – activated ATM Cards
• 3D secure code for online credit transactions
• Internet Banking
• To install 500 onsite ATMs



KEY INITIATIVES

CORPORATE BANKING

MIBOR based loans
Foreign Currency FCNR (B) loans
Line of Credit for Equipment purchase
Channel Finance
Vendor Finance
CP Linked Short Term Loan

TREASURY & INVESTMENT

Operation in Currency Futures and Interest Rate Futures
IPO/FPO Financing
Underwriting of Equity Loans
CEFICUS under conversion into Capital Market Advisory Services

PRIORITY SECTOR

IT based Financial Inclusion
Nodal Bank for Patna District
Nodal Bank for NREGA in Rajasthan
MOU with Govt. of Gujarat
Tie-up with various Corporate Houses for direct financing of farmers whose produce is purchased by them
Memorandum of Understanding (MOU) has been signed between Central Bank of India (CBI) and IPICOL (ORISSA) in order to facilitate increase of credit flow to all the key sectors including MSME

RETAIL

Launched “Cent Doctor” for financing Registered Medical Practitioners
Launched “Executive MBA” financing scheme for working executives
Launched the “Cent Gold Coin “scheme for the sale of Gold coins of 5 gms and 10 gms
Bank has been enrolled as one of the Point of Presence for New Pension Scheme by PFRDA. << GO TO FIRST PAGE

(This is a press release from Central Bank of India)