Centurion posts 38 pc growth in net profit

Mumbai, May 24 (UNI) Centurion Bank of Punjab has posted a 38 per cent increase in net profits at Rs 1.21 billion for the year ended March 31.

Net profit for the quarter stood at Rs 280 million up by 8 per cent as compared to the same quarter last year.

The bank achieved the increase in profits after a one-time reduction of Rs 132 million due to the revised standard asset provisioning norms set by RBI, sources said.

Operating profit for the year stood at Rs 2.69 billion is up by 144 per cent.

The bank has also achieved a 72 per cent growth in advances, whereas the deposits grew by 58 per cent.

UNI