The Hindu Business Line : Indian Bank posts strong growth in interest income

Record business: Mr M.S. Sundara Rajan (right), Chairman & Managing Director, Indian Bank, Mr A. Subramanian, Executive Director, at a press conference in Chennai on Wednesday. –

Our Bureau

Chennai, April 23 Indian Bank has reported a net profit of Rs 241.67 crore on a total income of Rs 1,672.85 crore for the fourth quarter ended March 31.

During the corresponding period in the previous year, the company reported a net profit of Rs 235.30 crore on a total income of Rs 1,563.59 crore.

According to officials, the relatively marginal growth in net profit despite a strong growth in interest earned and other indicators was because of a one-time jump in the previous fourth quarter that could be attributed to a “big account recovery.”

However, on all other indicators, Mr M.S. Sundara Rajan, Chairman and Managing Director, said the bank has turned in a strong performance, with the interest earnings during the quarter showing a growth of 14 per cent at Rs 1,359.99 crore (Rs 1,196.63 crore).

Addressing a press conference to announce the bank’s performance, he said, the bank has set new records in terms of total business, net worth, operating profit, net profit and declared a dividend of 30 per cent to the shareholders.

Total deposits have jumped by nearly 30 per cent over the previous year to Rs 61,046 crore, an increase of over Rs 13,955 crore, gross advances have gone up by 35 per cent to Rs 40,228 crore and gross NPA has down to 1.21 per cent from 1.85 per cent in March 2007. For the year ended March, the net profit was Rs 1,008.74 crore (Rs 759.77 crore) against a total income of Rs 6,218.67 crore (Rs 5,017.86 crore).

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