Centennial Beneficial Corp., a multibank holding company in Orange, posted net income of $1.6 million for 1988, a 45% increase over the $1.1 million posted for the previous year. Revenue for 1988 rose 25% to $42.6 million from $34.1 million for the year before. For the fourth quarter, the company reported a profit of $595,000, an 8% increase over the $549,000 reported for the last quarter of 1987. Revenue rose 23% to $11.6 million from $9.4 million for the 1987 quarter. Total assets were $402.7 million at the end of December, a 23% increase over the $327.4 million listed for the year before. At the end of the year, total deposits were up 29% to $357.8 million from $277.5 million a year earlier, and total loans had increased 20% to $328 million from $273.6 million a year earlier. Centennial’s subsidiaries include Sunwest Bank in Tustin, Sacramento First National Bank and Heritage Thrift & Loan in Brea.