Centurion Bank targets a growth of 65%

The Centurion Bank is aiming at a 65 per cent business growth, by focussing on retail, small and medium enterprises, and opening 15-20 additional branches in the current fiscal.

"We plan to open 15-20 branches in the country in the current financial year. We will open 3 more branches in Punjab. The bank will also increase its staff strength by 50 per cent, with the introduction of new branches," Managing Director of the bank, Shailendra Bhandari said.

The bank that recently raised $ 80 million through global depository receipts (GDR), has 99 fully networked branches and extension counters, including 15 branches in north India.

Continuing its business growth by more than 50 per cent, Bhandari said, "The bank is aiming at least 65 per cent growth in its India business, and we are confident of maintaining it."

Although the bank's prime focus will be the retail sector, yet, the bank will also emphasise other profitable opportunities in the market such as SMEs and transaction banking, in a bid to derive growth, Bhandari said.

The bank also plans to pursue personal loans, credit cards and the mortgage segment (housing loans) along with a sustained thrust on two-wheeler and commercial vehicle financing.

"After the GDR issue, the net worth of the bank would be in excess of Rs 500 crore and the capital adequacy ratio would be above 20 per cent," he added.

After a successful clean up of balance sheet and provisioning of assets, the bank had posted a net profit of Rs 7.10 crore for the third quarter ended December 31, 2004.