Indian Bank presents dividend cheque of Rs 101 cr

New Delhi, June 2: After a gap of 12 years, Indian Bank, once declared as a weak bank, today presented a dividend cheque to Finance Minister P Chidambaram totalling Rs 101 crore.

The last dividend of Rs 50 lakhs was paid in the year 1992-93 by the bank. This year's dividend works out to 13.19 per cent.

Addressing a press conference here, CMD Indian Bank K C Chakrabarty said the Net Profit this year was Rs 504.48 crore in 2005-06, recording a growth of 23.5 per cent over Rs 408.49 crore.

Operating profit was Rs 893.65 crore for 2005-06.

Total income for the year rose to Rs 3,895.99 crore registering a growth of 13.27 per cent over Rs 3,439.47 crore. Interest income had increased by 17.20 per cent for the year.

Overall business of the bank stood at Rs 63,290 crore as on March 31, 2006, as compared to Rs 53,188 crore, a growth of 18.99 per cent.

Total deposits amounted to Rs 40,895 crore as on March 31, 2006 as compared to Rs 34,808 crore as on March 31,2005, an increase of 17.23 per cent.

Mr Chakrabarty said retail advances grew by 24 per cent to Rs 5,850 crore constituting 26 per cent of the Bank's overall credit.

He announced that priority sector advances of Rs 10,423 crore constituted 50.80 crore, constituting 50.80 per cent of net credit as March 31, 2006, surpassing the national goal of 40 per cent.

Agriculture advances recorded a growth of Rs 1049 crore, 32.78 per cent over the previous year.

Mr Chakrabarty said Indian Bank has effected NPA recovery of Rs 418.20 crore for the year, as against Rs 311.58 crore as on March 31, 2005.

The Indian Bank Chief said the capital of bank stood at Rs 743.82 crore upon netting of accumulated losses. Capital and reserves increased to Rs 2,521.75 crore compared to Rs 2106.23 crore in 2004-05, a growth of 19.73 per cent.

UNI