Date:13/01/2006 URL: http://www.thehindubusinessline.com/2006/01/13/stories/2006011302320600.htm

Back Centurion Bank of Punjab earns Rs 23-cr net in third quarter

Our Bureau

Mumbai , Jan 12

CENTURION Bank of Punjab recorded net profit of Rs 23.27 crore for the quarter ended December 31, helped by an increase in retail advances.

However, the results could not be compared to the year-ago period as the bank's numbers for this quarter are for the combined operations of the erstwhile Centurion Bank and Bank of Punjab. The results for the quarter ended December 2004 are for Centurion Bank standalone.

Total income for the third quarter 2005-06 stood at Rs 267.32 crore. Net interest income increased to Rs 104.51 crore.

In a press release Mr Shailendra Bhandari, Managing Director and Chief Executive Officer, Centurion Bank of Punjab said, "With our expanded network and customer base, we expect to further strengthen as we realise the synergies of the merger with Bank of Punjab." Total expenditure was Rs 232.45 crore.

Retail advances grew to Rs 4,058.2 crore and now constitute 71 per cent of the total advances. Deposits grew to Rs 8,588.5 crore.

Capital adequacy ratio was unchanged at 10.2 per cent. Net non-performing assets were at 2.6 per cent.

Centurion Bank of Punjab had earlier approved a proposal to raise up to Rs 384 crore of additional capital through a preferential issue to funds managed by ChrysCapital and Citigroup Venture Capital International Growth Partnership Mauritius Ltd.

The bank has also approved a proposal to raise Rs 416 crore through an international or domestic offering.

On Thursday, the shares of Centurion Bank of Punjab ended at Rs 22.25 on BSE, up 0.68 per cent from the previous close of Rs 22.10.