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This is an archive article published on September 29, 2002

Centurion Bank posts Rs 161.84 cr loss

Centurion Bank has posted a huge loss of Rs 161.84 crore for the financial year ended March 31, 2002 as compared to net profit of Rs 7.02 cr...

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Centurion Bank has posted a huge loss of Rs 161.84 crore for the financial year ended March 31, 2002 as compared to net profit of Rs 7.02 crore for 2000-01.

The bank also reported a massive fall in deposits, advances and CAR. This is one of the largest losses made by a private sector bank in the country. The bank suffered heavily after the merger with the original promoter Dev Ahuja’s finance company.

The bank has made extraordinary provisions and contingencies of Rs 67.83 crore for asset and liabilities taken over from erstwhile 20th Century Finance Ltd (TCFC) which was consequently merged with the private sector bank.

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