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Central Bank net up

MUMBAI MAY 20. Central Bank of India has recorded an 88 per cent rise in its net profit at Rs. 306 crores in 2002-03 against Rs. 163 crores in the previous year.

Total business of the bank witnessed a near 9 per cent growth at Rs. 74,324 crores. Deposits grew by 8.55 per cent to Rs. 51,165 crores and advances by 8.2 per cent to Rs. 24,851 crores.

With improved recovery, the bank's net NPAs, as a proportion of net advances, fell to 6.74 per cent in 2002-03 from 7.98 per cent in the previous year.

The capital adequacy ratio stood at 10.51 per cent marginally higher than the Reserve Bank stipulated 9 per cent.

On cost cutting measures, the bank said the low cost deposit constituted 43 per cent of its aggregate deposits. On the technology initiatives, the bank would have 100 ATMs this financial year and the wide area network would be put into operations in 203 locations in 81 centres.

PTI

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