According to the press release issued by the bank, Central Bank of India has posted a Net Profit of 337 crore for the quarter ended June 30, 2010 as compared to Rs. 267 crore for the quarter ended June 30, 2009 recording a growth of 26.22% as on a YoY basis. Gross Profit rose by 85.04% from Rs. 361 crore in Q1 2009-2010 to Rs. 668 crore in Q1 2010-2011. This increase was due to a substantial growth of 94% YoY in Net Interest Income from Rs. 577 crore for Q1 2009-2010 to Rs. 1119 crore for Q1 2010-11. The Total Business of the Bank increased to Rs. 2,62,120 crore as on June 30, 2010 from Rs. 2,24,029 crore as on June 30, 2009, registering a growth of 17% (YoY) basis. Gross NPA ratio declined to 2.43% as on June 30, 2010 from 2.55 % as on June 30, 2009. Net NPAs was 0.77% as on June 30, 2010. NPA Provision Coverage was 68.75% as on June 30, 2010. Return on Assets has increased to 0.78% as on June 30, 2010 from 0.74% as on June 30, 2009. Cost to Income Ratio improved to 51.1% for Q1 2010-11 from 62.82% for Q1 2009-10.
The above information was given by Mr. S. Sridhar, Chairman & Managing Director of the Bank, while addressing a Press Conference at Mumbai on 29th July, 2010.
Mr. Sridhar, Chairman & Managing Director of the Bank stated that the Bank had raised Rs. 250 crore by way of Tier I Capital subscribed to by G.O.I. as also Rs. 1000 crore by way of Tier II. Capital Adequacy Ratio (Basle II) stood at 12.80% as on 30.06.2010 as compared to 13.55% as on 30.06.2009.
Mr. Sridhar, CMD also mentioned that 780 branches were migrated to CBS during the quarter bringing the total number of CBS branches to 2362 i.e. 65.5% of total number of branches, comprising 83.3% of Bank’s business.
15 centralised Retail Credit Processing Centers were opened during the quarter. As part of CBI’s role as Official Banker to the Commonwealth Games, a branch was opened in the headquarters of the Organizing Committee of the CWG at Parliament Street, New Delhi. A second Corporate Finance Branch has been opened in Mumbai. 60 branches in the country are being designated as specialized SME branches to support the Bank’s thrust on SME Advances.
Performance Highlights for the Quarter ended June 30, 2010 are given as hereunder :
BUSINESS EXPANSION
Ø Aggregate Deposits of the Bank have increased to Rs. 1,54,559 crore as on June 30, 2010 in comparison to Rs. 1,36,669 crore as on June 30, 2009 registering a growth of 13.09 % (YoY) basis.
Ø CASA Deposits grew by 22.23% from Rs. 43,197 crore as on June 30, 2009 to Rs.52,803 crore as on June 30, 2010. CASA Deposits constituted 34.16% of Total Deposits as on June 30, 2010.
Ø Gross Advances increased to Rs.1,07,561 crore as on June 30, 2010 from Rs. 87,360 crore as on June 30, 2009 i.e. 23.12 %.
Ø Business per branch has increased to Rs. 71.78 crore as on June 30, 2010 compared to Rs. 60.69 crore as on June 30, 2009, registering a growth of 18.27%.
Ø Business per employee has increased to Rs. 792.11 lacs as on June 30, 2010 from Rs.649 lacs as on June 30, 2009, registering a growth of 22.11%.
Ø The investments have increased to Rs. 48,389 crore as on June 30, 2010 from Rs. 44,836 crore as on June 30, 2009 at a growth rate of 7.92 % on YoY basis.
CAPITAL ADEQUACY
Ø Capital Adequacy of the Bank stands at 11.67% (Basel I) as on June 30, 2010. It was 11.87% as on June 30, 2009.
Ø As per Basel II the CRAR stands at 12.80% as on June 30, 2010. It was 13.35% as on June 30, 2009
ASSET QUALITY
Ø Gross NPAs as a percentage of Gross Loans and Advances was 2.43% as on Q1 2010-11 compared to 2.55% as on Q1 2009-10.
Ø Net NPA stood at Rs.815crore as on June 30, 2010 from Rs 603 crore as on June 30, 2009 improved by 35.16 % on YoY basis.
Ø The percentage of net NPA as on June 30, 2010 is 0.77% of total advances against 0.70 % as on June 30, 2009.
Ø NPA Provision coverage is 68.75% as on June 30, 2010.
PROFIT
Ø Gross Profit of the Bank was up by 85.04% at Rs. 668 crore for the quarter ended June 30, 2010 from Rs. 361 crore as on June 30, 2009 on YoY basis.
Ø The Net Profit of the Bank for the quarter ended June 30, 2010 stood at Rs. 337 crore as compared to Rs. 267 crore for the quarter ended June 30, 2009 posted a growth of 26.22% on a YoY basis.
Ø Non Interest Income of the Bank was Rs. 247 crore for the quarter ended June 30, 2010.
KEY FINANCIAL RATIOS
Ø Cost to income ratio improved to 51.12% for the quarter ended June 30, 2010 from 62.82 % for the quarter ended June 30, 2009 on YoY basis.
Ø Return on average Assets has increased to 0.78% as on June 30, 2010 from 0.74 % as on June 30, 2009.
Ø Cost of deposits has reduced to 5.53% for the quarter ended June 30, 2010 as compared to 6.46 % for the quarter ended June 30, 2009 on YoY basis.
Ø Yield on advances decreased to 9.65% for the quarter ended June 30, 2010 when compared to 9.98 % for the quarter ended June 30, 2009 on YoY basis.
Ø Yield on Investment decreased to 6.72% for the quarter ended June 30, 2010 when compared to 6.73 % for the quarter ended June 30, 2009 on YoY basis.
SEGMENTWISE ADVANCES
Ø Under Priority Sector Advances of the Bank, the agriculture advances stood at Rs. 16,566 crore at the end of June 30, 2010 increased from Rs. 14,115 crore at the end of June 30, 2009 registering growth of 17.36 % on YoY basis.
Ø Under SME sector the advances were at Rs. 9,249 crore as on June 30, 2010 as against Rs.6,887 crore for the corresponding period of previous year registering a growth of 34.29% on YoY basis.
Ø Retail Loans grew from Rs.9,397 crore as on June 30, 2009 to Rs. 11,516 crore as on June 30, 2010 with a growth of 22.55 % on YoY basis.
Ø Corporate Credit portfolio of the Bank registered YoY growth of 23.29% with the outstanding at Rs.70,230 crore as on June 30, 2010 vis-à-vis Rs. 56,961 crore as on June 30, 2009.
KEY INITIATIVES DURING THE QUARTER
Retail Banking:
Ø Centralized Credit Processing Centre for Retail Credit operational in 15 centres.
Ø New Products Launched:
o Cent Swabhiman Plus: First innovative product in country for senior citizen named Reverse Mortgage Loan enabled Annuity (RMLeA)
o Recurring Deposit with personal accident cover.
o Personalized Gold loans
o Life Insurance to Housing Loan borrowers
Department of Information Technology:
Ø 780 Branches migrated to CBS bringing the total number to 2362 (65.5%) covering 83.3 % of Bank’s business.
New Initiative Department:
Ø Pan - India agreement with Stock Holding Corporation of India Ltd. (SHCIL) for launching E-Stamping activities
Ø Agreement with Bajaj Allianz Life Insurance for extending life insurance cover to Educational Loan borrowers
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