The Hindu Business Line : Central Bank net up 88 pc

CENTRAL Bank of India has declared a net profit of Rs 305.52 crore for the year ended March 31, 2003, an 87.73 per cent rise over the previous year's net of Rs 163.30 crore.

The operating profit for the year has gone up by 31.25 per cent to Rs 924 crore as against Rs 704 crore in the previous year. The total business increased to Rs 74,324 crore at the end of fiscal 2002-03, a rise of 8.62 per cent over the previous year. While total deposits grew by 8.55 per cent to Rs 51,165 crore, gross advances increased by 8.2 per cent to Rs 24,851 crore. The bank has said that low-cost deposits constitute 43 per cent of the aggregate deposits.

The total income rose to Rs 5,626.54 crore (Rs 5258.12 crore).

The return on assets has risen to 0.54 per cent (0.31 per cent).

The capital adequacy ratio has gone up to 10.51 per cent from 9.58 per cent on March 31, 2002.

The net non-performing assets (NPAs) have come down to 6.74 per cent (7.98 per cent).

The results were released here today after a meeting of the bank's board chaired by the Chairman and Managing Director, Dr Dalbir Singh.

The bank proposes to have a network of 100 ATMs by the end of the current financial year. It has already computerised 1430 branches, covering 82 per cent of the total business. The risk management system devised for the bank by Boston Consulting Group is in full operation, the bank has said.

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