Indian Bank's net profit surges

Chennai, Jan 12: Indian Bank has posted a growth of 59.62 per cent in operating profit and 61.45 per cent in net profit during the quarter ended December 31, 2007.

Talking to newspersons here today, Indian Bank Chairman and Manging Director M S Sundara Rajan said the net interest income increased by 35.73 per cent and non-interest income by 71.17 per cent.

''The total business of the bank grew by Rs 17,398 crore to 90,015 crore compared to the corresponding period in previous year,'' he added.

The bank recorded a net profit of Rs 307.50 crore for the quarter ended December 2007 compared to the net profit of Rs 190.50 crore recorded on December 2006, registering a growth of 61.45 per cent.

The operating profit increased by Rs 173.02 crore, representing a growth of 59.62 per cent to Rs 463.22 crore as compared to Rs 290.20 crore (December 2006).

The net interest income improved by 35.73 per cent to Rs 561.69 crore as against Rs 413.83 crore in the corresponding period last year.

UNI