Paid-up capital of CDL comes to around Rs 2.74 cr, authorised capital at Rs 7.24 cr. | |
| Kolhapur-based Ratnakar Bank is exploring the possibilities to takeover Centrum Direct Ltd (CDL), a non-banking finance company (NBFC) in the money changers business, as part of its plans to broadbase product portfolio, business and geographical presence. |
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| CDL is a wholly-owned subsidiary of Centrum Finance Ltd and has a full-fledged Money Changers Licence (FFMC) with permission to operate through 38 offices in the country. |
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| It also has an overseas office at Dubai, according to business plans filed by Ratnakar Bank with the Reserve Bank of India. The officials of the Centrum Direct were not available for comment. |
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| The finance company is active in sale of foreign exchange and commission on traveler's cheques. |
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| The acquisition of CDL would be beneficial to the bank as it did not have the license to work as an authorised dealer. The paid-up capital of CDL comes to around Rs 2.74 crore. Its authorised capital stands at Rs 7.24 crore. |
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| The pre-tax profit for the year ending June 2004 stood at Rs 1.24 crore.The financial statement for the year ending June 2005 are yet to be finalised, it said. |
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| The private sector bank had shown interest to acquire the troubled Ganesh Bank of Kurundwad (GBK) but RBI turned down the application saying the Kolhapur-based bank was not found to be a financially suitable candidate to takeover GBK. |
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| The private sector bank has posted an operational profit of Rs 9.88 crore for the nine months ended December 2005. It had posted a net loss of Rs 9.45 crore in 2004-05. |
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| The bank booked losses after making provisioning for depreciation in investment portfolio, an outcome of reversal of interest rate trends, it added. |
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| Its net non-performing assets were at 5.54 per cent (Rs 23.48 crore) at end of March 2005 as against 5.58 per cent (Rs 19.32 crore) a year ago. Its deposit stood at Rs 783.74 crore as on March 31, 2005 (Rs 715.20 crore as on March 31, 2004) while advances were Rs 423.75 crore (Rs 346.01 crore). |
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