Indian Bank posts Rs 504.48 cr net profit

Chennai, May 31: The Public Sector Indian Bank has posted a net profit of Rs 504.48 crore for the year 2005-06, recording a 23.5 per cent growth over the previous year.

Announcing this at a press conference here, Bank Chairman and Managing Director K C Chakrabarthy said the capital of the bank stood at Rs 743.82 crore upon netting off accumulated losses as permitted by the government.

He said the capital and reserves increased to Rs 2521.75 crore compared to Rs 2106.23 crore, registering a growth of 19.73 per cent over the previous year. After a gap of 12 years, the bank has declared a dividend of Rs 101 crore (13.58 per cent) to the Government of India, he added.

He said the bank's total income rose to Rs 3895.99 crore, registering a growth of 13.27 pr cent over last year's income of Rs 3439.47 crore. The interest income had increased by 17.20 per cent and the operating profit stood at Rs 893.65 crore for the year, he added.

The overall business of the bank stood at Rs 63,290 crore as on March 31, 2006, compared to Rs 53,188 crore for the same period last year, marking a growth of 18.99 per cent. The total deposits amounted to Rs 40,805 crore as on March 31, 2006, compared to Rs 34,808 crore last year, showing an increase of 17.23 per cent, he added.

UNI