Business Daily from THE HINDU group of publications
Sunday, Jan 13, 2008
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Business Daily from THE HINDU group of publications Sunday, Jan 13, 2008 ePaper | Mobile/PDA Version |
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Financial Performance Corporate Results - Public Sector Banks Money & Banking - Financial Performance Other income boosts Indian Bank Q3 net 61% 
Cash counter: Mr M.S. Sundara Rajan, Chairman & Managing Director, Indian Bank (left), and Mr A. Subramanian, Executive Director, at a press conference in Chennai on Saturday. - Bijoy Ghosh Our Bureau Chennai, Jan 12 Indian Bank has reported a net profit of Rs 307.5 crore in the October-December quarter which is 61 per cent higher than the Rs 190.5 crore recorded in the comparable quarter of last year. A significant contribution came from ‘other income’, which rose 72 per cent to Rs 300.59 crore from Rs 175.1 crore earlier. It is learnt that the bank has settled “a long-standing big ticket NPA issue” and has received a substantial sum from it. 
At a press conference in Chennai, the bank’s Chairman and Managing Director, Mr M.S. Sundara Rajan said that ‘Return on Average Assets’ improved to 1.99 per cent from 1.45 per cent for the corresponding period. The Capital Adequacy Ratio improved to 13.51 per cent from 12.29 per cent as on December 31, 2006. 
At the end of the quarter, the bank’s deposits stood at Rs 53,317 crore (Rs 45,157 crore), 18.07 per cent higher than a year ago. Total business was Rs 90,015 crore (Rs 72,617 crore), 24 per cent higher. Advances stood at Rs 36,698 crore for the quarter. Mr Rajan said the bank expects to increase deposits by 20 per cent and advances by 25 per cent, besides adding 40 branches by the end of March 2008. EPS for the nine months to December works out to Rs 17.13. On Friday, the bank’s share closed on the NSE at Rs 199, which was Rs 8.65 (4.15 per cent) lower than the previous close.
Indian Bank sheds Rs 1,500-cr costly deposits Indian Bank’s Q2 net up 46 per cent Indian Bank sees marginal dip in margins More Stories on : Financial Performance | Public Sector Banks | Financial Performance
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