Indian Bank posts 32.42 pc growth in profit

Chennai, Jul 21: The Public Sector Indian Bank has registered a record performance in business during the quarter ended June 30, 2008.

Talking to reporters here on Monday, July 21, Bank CMD M S Sundara Rajan said the operating profit registered a 32.42 per cent growth to Rs 436.63 crore as against Rs 329.73 crore during the corresponding period last year. The Net profit grew by 2.64 per cent to Rs 217.62 crores as against Rs 212.03 crore, where as the Interest income improved by 25.65 per cent (Rs 306.58 crore) to Rs 1,501.78 crore from Rs 1,195.20 crore. He said the total income improved by Rs 26.75 per cent (Rs 368.25 crore) to Rs 1,744.99 crore from Rs 1,376.74 crore.

The overall business of the Bank increased to Rs 1,06,691 crore up from Rs 80,341 crore, a growth of Rs 32.80 per cent (Rs 26,350 crore). The total deposits rose by Rs 24.90 per cent (Rs 12,403 crore) to Rs 62,215 crore from Rs 49,812 crore, while the Gross Advances increased by 45.68 per cent (Rs 13,947 crore) to Rs 44,476 crore from Rs 30,529 crore.

The Gross NPA declined to 0.95 per cent (Rs 420.61 crore) from Rs 1.79 per cent (Rs 546.70 crore) and the net NPA came down to Rs 75.71 crore and constituted 0.17 per cent of net advances as against 0.28 per cent as on June 30 last year. The total NOA recovery during the quarter was Rs 113.88 crore.

UNI