Indian Bank H1 net up 37.94 pc

Mumbai, Oct 30 (UNI) The Chennai-based public sector Indian Bank, which is likely to enter capital market next month, recorded a net profit of Rs 334 crore during the first half of the current financial year ended September 30 as compared to Rs 242.14 crore during the corresponding period last year, registering a 37.94 per cent growth.

Briefing the media after the bank's board meeting here this morning, bank CMD Dr K C Chakrabarty said the operating profit increased by Rs 162.22 crore, representing a growth of 44.50 per cent, to Rs 526.80 crore as compared to Rs 364.58 crore in the corresponding period last year. The net interest income improved by 23.25 per cent to Rs 863.09 crore as against Rs 700.28 crore for the corresponding period last year.

Gross NPA declined to 2.34 per cent (Rs 625 crore) as on September 30 from 3.53 per cent (Rs 732 crore) during the same period last year. Similarly, net NPA recorded a decline of 0.45 per cent (Rs 118 crore) as on September 30 this year, from 1.06 per cent (Rs 213 crore) as on September 30 last year. Citing the reason behind it, Dr Chakrabarty said escalating property prices helped to improve NPA, apart from the efforts of the ground level staff.

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