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Central Bank of India net profit rises by 88% to Rs 306
crore
Our
Banking Bureau
21 May 2003
 Mumbai:
Central Bank of India has recorded an 88-per cent rise
in its net profit at Rs 306 crore in 2002-03 against Rs
163 crore in the previous year.
The
total business of the bank witnessed a near 9-per cent
growth at Rs 74,324 crore. Deposits grew by 8.55 per cent
to Rs. 51,165 crore and advances by 8.2 per cent to Rs
24,851 crore.
 With
improved recovery, the bank's net non-performing assets
(NPAs), as a proportion of net advances, fell to 6.74
per cent in 2002-03 from 7.98 per cent in the previous
year.
The
capital adequacy ratio (CAR) stood at 10.51 per cent marginally
higher than the Reserve Bank of India-stipulated 9 per
cent.
 On
cost-cutting measures, the bank said the low-cost deposit
constituted 43 per cent of its aggregate deposits. On
the technology initiatives, the bank will have 100 ATMs
this financial year and its wide-area network will be
put into operations in 203 locations in 81 centres.
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Bank of India
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