Centurion Bank unwraps 60% rise in net profits - Views on News from Equitymaster

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Centurion Bank unwraps 60% rise in net profits

Apr 26, 2000

Centurion Bank has reported a growth of 60.2% in its net profits to Rs 343 million for the FY 99-00 on a interest income of Rs 4,428 million over the corresponding previous period. The main source of growth have been revenue from treasury operations, capital markets and retail banking. However the operating profit of the bank has witnessed a negative growth of 18.5% due to more than proportionate increase in the interest expenditure.

The net Non Performing Assets (NPAs) have fallen from 3.7% in FY 98-99 to 2.69% in FY 99-2000. The capital adequacy ratio of the bank 9.3% is more or less similar to the ratio stipulated by RBI.

The deposits of the bank witnessed a growth of 80% to Rs 38,670 million and the advances of the bank grew by 30% to Rs 26,430 million.

The bank is exploiting select oppportunities in the information technology as well as in B2B and B2C areas. In the current year the bank is planning to introduce number of new products including debit cards and e-banking initiatives.

(Rs m) FY1999 FY2000 Change
Interest Income 3,947 4,428 12.2%
Other Income 445 888 99.7%
Interest Expenses 2,961 3,625 22.4%
Operating Profit (EBDIT) 986 803 -18.5%
Operating Profit Margin (%) 25.0% 18.1%  
Other Expenses 490 614 25.3%
Depreciation 627 426 -32.0%
Profit before Tax 313 651 107.7%
Provision & Tax 99 307 210.7%
Profit after Tax/(Loss) 214 343 60.2%
Net profit margin (%) 5.4% 7.8%  

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