MUMBAI: Central Bank of India has posted a net profit of Rs 337 crore for the quarter ended June 30, 2010, an increase of 26.22% compared with Rs 267 crore in the previous quarter.
Announcing the results, CMD S Sridhar said the bank had raised Rs 250 crore by issuing fresh equity shares to the government as well as Rs 1,000 crore by way of Tier-II Capital. The bank’s capital adequacy ratio stood at 12.80% as on June 30, 2010, compared with 13.55% in the year-ago period.
Mr Sridhar said during the quarter, 780 branches of the bank had migrated to its core banking solution, bringing the total number of CBS branches to 2,362, which is 65.5% of the bank’s total number of branches, comprising 83.3% of its business.
Aggregate deposits of the bank have increased to Rs 1,54,559 crore in the June quarter in comparison with Rs 136,669 crore in the previous quarter, registering a growth of 13.09% on a YoY basis. Of this, the low-cost current and savings account (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.
Gross Advances increased 23.12% to Rs 107,561 crore in the June quarter from Rs 87,360 crore in the corresponding period of the previous year.
Capital adequacy ratio of the bank dipped to 11.67% from 11.87% a year ago as computed under Basel I guidelines. As per Basel II, the CRAR stood at 12.80% as on June 30, 2010. It was 13.35% in the same period last year.
Net NPAs stood at Rs 815 crore from Rs 603 crore, improved by 35.16% on a YoY basis. The percentage of net NPAs is 0.77% of the total advances against 0.70 %. Gross NPAs as a percentage of gross loans and advances was 2.43% compared 2.55%. The bank has achieved an NPA provision coverage of 68.75%
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