Centurion in the black, Q4 net at Rs 9.6 crore

Centurion Bank today announced a net profit of Rs 9.6 crore in the quarter ended March 31, 2005, against a loss of Rs 97.7 crore. Total income for the quarter increased by 37.98 per cent at Rs 119.7 crore as compared with Rs 86.75 crore.

The bank's net profit for the year ended March 31, 2005, stood at Rs 25.1 crore against a loss of Rs 105.1 crore. Its total income increased to Rs 410 crore against Rs 396.77 crore.

"The profits was mainly driven by a rise in fee income and high net interest income," said Shailendra Bhandari, managing director, Centurion Bank. "With a fresh dose of capital infusion, the bank is planning to launch a stream of new retail products like credit cards," he said.

The bank is also open to the idea of acquisitions if it adds business value and enables the bank enter newer geographies, he added.

Other operating income of the bank for the year ended March 31, 2005, rose marginally to Rs 64.46 crore against Rs 62.98 crore. Net interest income grew by 36 per cent to Rs 177.88 crore against Rs 130.79 crore.

The bank raised around Rs 300 crore through global depository receipts, which boosted its capital adequacy ratio to 23.1 per cent against 4.4 per cent in the year ago period.

Its non performing assets (NPAs) has dipped to 2.5 per cent as on March 31, 2005 from 4.3 per cent.