Central Bank of India has posted a net profit of Rs. 171 crore for the 4quarter of the financial year ending March 2010. The bank has reported a robust increase in its net interest income. The net profit for the equivalent period last year was Rs. 62.50 crore.
Central Bank’s board has announced a dividend of 10%.
The bank has reported a net profit of Rs 1085 crore for the entire year, which is up by 85%.
The bank’s net interest income has gone up by 53% in the final quarter amounting to Rs. 664 crore.
Besides the strong rise in NII the bank has also shown commendable performance due to higher concentration on recovery from written-off accounts and commission/exchange income, according to the Chairman and Managing Director of Central bank, Mr S. Sridhar.
The bank also intends to increase its loan book, including personal loans and deposit book by 25 % each in this financial year.
Mr Sridhar said, “Currently, our credit portfolio is skewed towards corporate lending. Hence, we plan to gradually rebalance our credit portfolio in the current financial year through increased thrust on retail (home and education loans) and SME loans”.
The bank has requested for capital infusion amounting to Rs. 2000 crore to the Centre.