The board of directors of TimesBank adopted the unaudited results for the first half-year of the current fiscal at its meeting here on Saturday.

``The bank's profit before tax, as on September 30, 1999, has grown sharply by 106 per cent to Rs 26.39 crore,'' a TimesBank release said. The release added that the total deposits of the bank stood at Rs 2,879.70 crore at the end of first half, recording a 25 per cent increase over the same period last year.

On the non-performing assets (NPAs) front, the private sector bank's ratio of net-NPAs as a percentage of loans and advances declined from 3.01 per cent as onMarch 31, 1999, to 2.54 per cent as on September 30, 1999.

``Subsequent to the recent maiden public issue of equity for Rs 35 crore, the bank's capital adequacy ratio stood at 10.58 per cent as onSeptember 30, 1999,'' the TimesBank release said.

``Of the total deposits, the growth in demand deposits has been higher at 83 per cent, leading to a reduction in the cost of funds for the bank. To this end, the bank has also retired some of its high cost deposits,'' the release said. The loans and advances have increased by 51 per cent as on September 30, 1999 to Rs 1,538.27 crore.

The total income increased to Rs 194.04 crore, recording a 24 per cent growth over the same period of last fiscal. ``While the interest income grew by 24 per cent, the non-interest income grew by 22 per cent,'' the release added.

TimesBank is moving towards centralising all the back-office operations, which will enable the bank to cut further costs. The bank has also opened unmanned branch here, called the `millennium centre' tooffer banking products through direct channels.

``TimesBank has taken all necessary initiatives to ensure that its business processes and its systems are Y2K compliant,'' the release said, adding that the bank has also prepared and tested a contingency plan for the Y2K scenario.