The Hindu Business Line : Indian Bank net soars 57%

Chennai May 14 Indian Bank has announced audited consolidated results of the bank and its three subsidiaries Indbank Merchant Banking Services Ltd, Indbank Housing Ltd and Indfund Management Ltd for the year ended March 31, 2007.

According to a press release, the consolidated operating profit of the bank increased by 53.85 per cent to Rs 1,386.15 crore against Rs 900.96 crore in the previous year. Consolidated net profit increased to Rs 810.03 crore for 2006-07, up 57.14 per cent over the previous year's Rs 515.47 crore.

Indbank Housing registered a net profit of Rs 25.21 crore, while Indbank Merchant Banking and Indfund Management registered profits of Rs 21.17 crore and Rs 2.50 crore, respectively.

The total business of the bank stood at Rs 76,082 crore, up 20. 44 per cent over the previous year's Rs 63,167 crore. Capital adequacy ratio improved to 14.22 per cent from 13.25 per cent, the release said.

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