Central Bank of India has earned a net profit of Rs.1058 crores for the year ended 31.3.2010, which has been the highest net profit in the history of the bank. As the bank is entering into its Centenary year, the bank expects to show higher business and net profit for the current year ending 31.3.2011.
We are reproducing here the press release issued by the bank.
The total Business of the Bank increased to Rs 269225 crore as on March 31, 2010 from Rs. 218012 crore as on March 31, 2009 registering a growth of 23.5% (QoQ basis). Total Deposits as on March 31, 2010 stood at Rs.162107 Crore in comparison to Rs.131272 Crore as on March 31, 2009 showing a growth of 23.5% over last quarter 2008-09. The total Advances of the Bank increased from Rs 86740 crore as of March 31, 2009 to Rs.107118 Crore registering a growth of 23.5% on QoQ basis. Gross Income of the Bank registered a growth of 18.2% from Rs.3150 crore to Rs.3724 crore QoQ basis. Net Interest Income of the Bank registered a growth of 53.3% from Rs.433 crore to Rs.664 crore QoQ basis. Operating Profit of the Bank was up by 30.5% at Rs. 594 crore as on March 31, 2010 from Rs. 455 crore as on March 31, 2009 on QoQ basis. The Net Profit of the Bank has increased from Rs.63 crore as on March 31, 2009 to Rs.172 crore as on March 31, 2010 on QoQ basis.
The total Business of the Bank increased to Rs 269225 crore as on March 31, 2010 from Rs. 218012 crore as on March 31, 2009 registering a growth of 23.5%. Total Deposits as on March 31, 2010 stood at Rs.162107 Crore in comparison to Rs.131272 Crore as on March 31, 2009 showing a growth of 23.5%. The total Advances of the Bank increased from Rs 86740 crore as of March 31, 2009 to Rs.107118 Crore registering a growth of 23.5%. Gross Income of the Bank registered a growth of 19.7% from Rs.11525 crore as on March 31, 2009 to Rs.13799 crore as on March 31, 2010. Net Interest Income of the Bank registered a growth of 14.2% from Rs.2228 crore as on March 31, 2009 to Rs.2545 crore as on March 31, 2010. Operating Profit of the Bank was up by 43.2% at Rs.2058 crore as on March 31, 2010 from Rs.1437 crore as on March 31, 2009. The Bank has posted highest ever Net Profit which has almost doubled in a year amounting to Rs. 1058 Crore for the year ended March 31, 2010 as compared to Rs. 571 crore for the year ended March 31, 2009 recording a growth of 85.3%. Gross NPA ratio declined to 2.29% as on March 31, 2010 from 2.67% as on March 31, 2009. NPA Provision Coverage increased to 70.39% as on March 31, 2010 from 54.32% as on March 31, 2009. This coverage of 70.39% is higher than 70 % stipulated by RBI.
The above information was given by Mr. S. Sridhar, Chairman & Managing Director of the Bank, while addressing a Press Conference at Mumbai on 3rd May, 2010.
Performance Highlights of the working results as on March 2010 are as under:
BUSINESS EXPANSION
• Aggregate deposits of the Bank have increased to 162107 crore as on March 31, 2010 in comparison to Rs. 131272 crore as on March 31, 2009 registering a growth of 23.5% on YoY basis.
• The CASA Deposits has grown from Rs. 43792 crore as on March 31, 2009 to Rs. 55834 crore as on March 31, 2010 with a growth of 27.5% on YoY basis.
• The gross advances have increased to 107118 crore as on March 31, 2010 from Rs.
86740 crore as on March 31, 2009 at a growth rate of 23.5% on YoY basis.
• Business per branch has increased to Rs.69.7 crore as on March 31, 2010 compared to Rs.56.96 crore as on March 31, 2009, registering a growth of 22.37% on QoQ basis.
• Business per employee has increased to Rs.7.76 crore as on March 31, 2010 from Rs. 6.11 crore as on March 31, 2009, registering a growth of 27% on QoQ basis.
• The investments have increased to Rs. 52008 crore as on March 31, 2010 from Rs. 44446 crore as on March 31, 2009 at a growth rate of 17% on YoY basis.
CAPITAL ADEQUACY
• Capital Adequacy of the Bank stands at 10.82% (Basel I) as on March 31,2010 in comparison to 11.75 % as on March 31, 2009. (Tier I – 6.04 % and Tier II – 4.78 %, March 2010)
• As per Basel II the CRAR stands at 12.24% as on March 31, 2010 in comparison to 13.12% as on March 31, 2009. (Tier I – 6.84 % and Tier II – 5.41 %, March 2010)
HEALTHY ASSET QUALITY
• Gross NPA ratio declined to 2.29% as on March 31, 2010 from 2.67% as on March 31, 2009.
• Net NPA stood at Rs. 727 crore as on March 31, 2010 against Rs. 1063 crore as on March 31, 2009.
• The percentage of net NPA as on March 31, 2010 is 0.69 % of Net advances.
• NPA Coverage – cum - Provision is 70.39% as on March 31, 2010
PROFIT
• Operating Profit of the Bank was up by 30.5% at Rs. 594 crore as on March 31, 2010 from Rs. 455 crore as on March 31, 2009 on QoQ basis.
• Operating Profit of the Bank was up by 43.2% at Rs. 2058 crore as on March 31, 2010 from Rs. 1437 crore as on March 31, 2009 on YoY basis.
• The Net Profit of the Bank for the period ended March 31, 2010 stood at Rs.172 crore as compared to Rs.63 crore as on March 31, 2009 posted a growth of 173% on a QoQ basis.
• The Net Profit of the Bank for the period ended March 31, 2010 stood at Rs.1058 crore as compared to Rs.571 crore as on March 31, 2009 posted a growth of 85.3% on a YoY basis.
• Net Interest Income of the Bank increased to Rs.664 crore for the period ended March 31, 2010 from Rs. 433 crore for the period ended March 31, 2009 registering a growth of 53.3% on QoQ basis
• Non Interest Income of the Bank increased to Rs.1735 crore for the period ended March 31, 2010 from Rs. 1070 crore for the period ended March 31, 2009 registering a growth of 62.10% on YoY basis
KEY FINANCIAL RATIOS
• Cost to income ratio improved to 51.91 % for the period ended March 31, 2010 from 56.44% for the period ended March 31, 2009 on YoY basis.
• Cost of deposits has reduced to 6.08 % for the quarter ended March 31, 2010 as compared to 7.05% for the quarter ended March 31, 2009 on QoQ basis.
• Yield on advances decreased to 9.59 % for the quarter ended March 31, 2010 when compared to 10.00% for the quarter ended March 31, 2009 on QoQ basis.
SEGMENTWISE ADVANCES
• Under Priority Sector Advances of the Bank, the agriculture advances stood at Rs.18309 crore at the end of March 31, 2010 increased from Rs.14139 crore at the end of March 31, 2009 registering growth of 29.5% on YoY basis.
• Under MSME sector the advances were at Rs.9784 crore as on March 31, 2010 as against Rs.8287 crore for the corresponding period of previous year registering a growth of 18.1% on YoY basis.
• Retail Loans grew from Rs.11190 crore as on March 31, 2010 to Rs.9070 crore as on March 31, 2009 with a growth of 23.4% on YoY basis.
• Corporate Credit portfolio of the Bank registered YoY growth of 22.8% with the outstanding at Rs.67835 crore as on March 31, 2010 vis-à-vis Rs.55244 crore as on March 31, 2009.
NEW INITIATIVES
RETAIL BANKING
• Introduction of New Retail Products- Cent Doctor, Cent Swabhiman Plus, Special Scheme for the students of IIM-A, Recurring Deposit with Personal Accident Cover.
• Personal Gold Loan scheme for Non-Priority Sector.
• Group Life Insurance for Home Loan Borrowers.
• Group Life Insurance for Education Loan Borrowers.
• Tie up with a Retail Chain Group for increasing the sale of several products.
• Tie up with Foundation to help Senior citizens on Reverse Mortgage Loan
• Tie up with 107 Educational Institutes for Education Loan
RURAL BANKING
• Collaboration with Commonwealth Secretariat for Youth Entrepreneurship Development in four districts- Murshidabad (WB), Sultanpur (UP), Sawai Madhopur (Rajasthan), Ernakulam (Kerala).
• Rendering of Technology Consultancy Services for Micro-Finance in St.Lucia in West
Indies under Commonwealth Games Association.
• Organised inclusive and integrated programme on Small Business Competitiveness Development Programme in Jaipur under Commonwealth Games Association.
• Microfinance: Finance to a Social Welfare Agency for financing rural poor in 30 backward districts of Orissa, 4 in Nagaland and 7 in Meghalaya.
• Initiated IT based Financial Inclusion in all 3 Lead Districts by: Issue of Biometric Smart Cards, Arranging of sensitization and Awareness Programme in village, Appointing of Business Correspondents and arranging camps for Financial Literacy.
• Comprehensive Financial Inclusion Plan to cover 40,000 villages in next three years.
TECHNOLOGY INITIATIVES
• 303 branches added to CBS, reaching a number to 1688 from 1381 last year.
• Introduced various services through Internet Banking.
· NEFT Bulk upload facility
· Payment of direct and indirect taxes
· Online license fee collections
· Utility bills payment
• Mobile banking fund transfer upto Rs. 1000 implemented
• Introduction of Online Application for Cent Vehicle, Cent Computer & Housing Loan.
AWARDS /RECOGNITION
• Winner- Best Education Loan Provider Outlook Money NDTV Profit 09
• National Award Best Bank in financing to KVIC August, 09
• Best Technology Based Customer Award: IBA TFDI 2009
• Banking Excellence Award by Hospitality India (5th Annual Conference in association with China National Tourist Office: 2009
• IMM Award for Eminent Organization for 2010
• SKOCH Challenger Award for Best Business Model: 2010
• Rotary International District 3050:Award for Professional Excellence
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