Indian Bank Q3 net profit up 11.34 pc at Rs 491-cr

Mumbai, Jan 24 (PTI) State-owned Indian Bank todayreported net profit of Rs 491.29 crore for the quarter endedDecember 31, 2010 as compared to Rs 441.38 crore for the sameperiod last year, registering a year-on-year growth of 11.3per cent.

The bank''s total income increased by 14.4 per cent to Rs2,641 crore, with interest income grew by 21.5 per cent. Netinterest income rose by 25.5 per cent on YoY basis to reach Rs1,038 crore in Q3 FY 11 from Rs 827 crore in the year-agoperiod.

The total business of the bank rose to Rs 1,74,934 croreas compared to Rs 1,24,413 crore in December 2009, showing aYoY growth of 23 per cent.

The CASA improved to Rs 32,329 crore in December 2010from Rs 26,358 crore in December 2009, recording a growth of22.6 per cent.

The bank''s gross non-performing assets (NPAs) increasedto Rs 752 crore in Q3 FY 11 from Rs 514 crore in Q3 FY 10.Thenet NPA also increased to Rs 418 crore in Q3FY11 from Rs 90crore in same period of previous year.

The bank had witnessed Rs 91 crore worth slippage inagriculture during Q3 FY 11, Indian bank''s Chairman andManaging Director, T M Bhasin told reporters here.

The bank is expecting recoveries of around Rs 200 crorein Q4 FY 11, Bhasin said.

Commenting on its fund raising plan, Bhasin said the bankwill decided on follow-on issue to raise around Rs 1,500 crorethrough divestment of 10 per cent government holding afterMarch 2011.