The Hindu Business Line : IndusInd Bank doubles dividend to 12% for ‘09

MUMBAI: Private sector IndusInd Bank on Friday approved a dividend of 12 per cent for FY 09 as against 6 per cent for the previous year. This was approved at the bank's AGM held here today, a bank release said.

“IndusInd Bank is well on course towards its target of becoming a `Top 3' performer in the new private bank space, measured by the three parameters of profitability, productivity and efficiency,” the bank Chairman, Mr R Seshasayee, told shareholders at t he AGM.

The lender had significantly improved its asset quality, sharpened its risk management capabilities and put in place enabling systems and procedures, he said. The added thrust on retail banking, while retaining its broad-based corporate franchise, has he lped the bank to rapidly grow its business volumes, widen geographical reach, increase visibility and expand customer base, he said.

The bank's Managing Director & CEO, Mr Romesh Sobti, said the lender has shown improvement in all areas of operations. In FY 09, IndusInd posted a net profit of Rs 148.34 crore as against Rs 75.05 crore in the year-ago period.

Its CAR (capital adequacy ratio) in FY 09 stood at 12.33 per cent against 11.91 in FY 08. The bank's gross and net NPAs stood at 1.61 and 1.14 per cent respectively, the release said. - PTI

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