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Our Bureau

Chennai , Feb. 5

INDIAN Bank has recovered Rs 221 crore in the nine months ended December 2003, against Rs 164 crore in the corresponding period of last year.

Recoveries up to January have increased to Rs 250 crore, the bank said in a press conference here on Thursday.

Further, the bank expects to make at least Rs 30 crore of cash recoveries from three big ticket defaulters, including MVR Industries.

Officials said that the bank had won a case in the Debts Recovery Tribunal against some other banks, and obtained clearance to sell the property of MVR Industries in Guindy in the city. Some interested buyers have come forward to buy the lands and the bank hopes to conclude a deal soon.

In the first three quarters of the current year, the bank's operating profit grew 22.76 per cent to Rs 484.06 crore against Rs 394.31 crore in the same period last year.

Its net profit more than doubled to Rs 301.76 crore from Rs 139.59 crore in the first nine months of last year.

Return on assets stood at 0.84 per cent for the period, compared to 0.65 per cent previously.

More Stories on : Non-Performing Assets | Public Sector Banks

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