Interest income rises to Rs 1,203 cr; NIM maintained at 3.41%

Our Bureau

Chennai, July 21 Indian Bank on Saturday announced a 28.65 per cent growth in net profit to Rs 212.03 crore for the quarter ended June 30.

Net interest income grew 20 per cent while non-interest income or other income rose 90 per cent.

Interest income of the bank rose 25 per cent to Rs 1,203 crore from Rs 956 crore in the previous corresponding quarter.

The bank’s net interest margin was maintained at 3.41 per cent compared with 3.34 per cent earlier.

A press release on the bank’s Web site says that deposits grew 19.63 per cent to Rs 49,812 crore while loans grew 22 per cent to Rs 30,067 crore.

The bank’s provisions for non-performing assets rose from Rs 10 crore in the previous corresponding quarter to Rs 80 crore in the latest quarter.

But net NPAs were at a mere 0.28 per cent compared with 0.57 per cent last year. Recoveries during the quarter were of the order of Rs 97 crore, the press release said.

The bank, which went public earlier this year, has seen its stock rise nearly 60 per cent this quarter. It closed at Rs 156.50 on Friday.

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(This article was published in the Business Line print edition dated July 22, 2007)
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