Indian Bank's net profit goes up by 28.65 pc in Q 1

Chennai, July 21 (UNI) Indian Bank has posted a robust growth of 43.67 per cent in operating profit and 28.65 per cent in net profit during the first quarter of this fiscal, according to its Chairman and Managing Director M S Sundararajan.

Releasing the first quarter's unaudited financial results here today, he said the bank's total business grew from Rs 13,591 crore to Rs 79,879 crore.

The net interest income stood at Rs 490.49 crore as against Rs 409.36 crore of the corresponding period last year.

While the total income stood at Rs 1376.74 crore against Rs 1048.42 crore in the corresponding period, it was Rs 329.73 crore and Rs 229.51 crore in the case of operating profit. It is Rs 212.03 crore and 164.81 crore in net profit achievement, he added.

Referring to the NPA management, he said a recovery of Rs 97 crore had been made during the period.

The priority sector credit increased to Rs 12,507 crore as on June 30 this year and agriculture credit increased to Rs 4857 crore.

The bank disbursed Rs 555 crore as short term agricultural loans with a meagre interest of seven per cent.

In the micro credit scenario, 12,396 self help groups were given assistance of Rs 121.28 crore and 5,079 students were beneficiaries of Rs 68.18 crore, he added.

UNI