Central Bank Of India Reports Record Growth

MUMBAI, INDIA (GaeaTimes.com)- It seems that the Central bank of India is going through good times. Owing to lower cost of funds and growth in loans the bank has been able to report a 173% growth in its net profit. The net profit of the bank has grown by a margin of Rs 171 crore as opposed to Rs 62.5 crore for the previous year. Last year the net profit of the bank was Rs. 571 crore which has grown to Rs. 1,058 crore this fiscal year. The overall business of the bank has grown to Rs. 2,69,225 crore up from Rs. 2,18,012 crore. This again is a growth of close to 24 percent. The MD of the bank is upbeat about thew growth.

Apart from the strong rise in NII, the Central bank of India has done really well in loan segments. Mr S. Sridhar, the Managing Director and chairman of the bank confirmed the news. The bank also has plans to augment its loan bank. This will include personal loans and other types of loans. The MD said in his statement that the credit portfolio of the bank at present is inclined to corporate lending. Therefore, it will require some time to shift the focus to retail segment and loans. The bank has asked the center to infuse an amount of INR 2000 crore.

Central bank of India made the profits also because it managed to reduce the cost of the funds significantly. It also scored well on asset and loan recoveries in the last year. The Bank management is hopeful that it will continue its success rate this fiscal year too.