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Indian Bank Q3 net falls on provisions

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Our Bureau

Chennai, Feb. 2

INDIAN Bank made a net profit of Rs 74.42 crore in the quarter ended December 31, compared with Rs 184.89 crore in the corresponding quarter of last year.

Provision for wage arrears (Rs 124 crore) and market risk and other contingencies (Rs 30 crore) were the main reasons for the fall in net profit.

The bank made a net profit of Rs 228.52 crore in the first nine months of the current year against Rs 301.76 crore in the corresponding period last year. In the same period, the bank made an operating profit of Rs 757.88 crore against Rs 484.06 crore in the same period last year.

The rise in the operating profit was despite a sharp fall in income from treasury operations to Rs 12.45 crore in the first nine months of the current year from Rs 230.77 crore in the same period last year.

At a press conference here today, the Chairman and Managing Director of Indian Bank Mr M B N Rao said that the bank recovered Rs 205 crore of bad and doubtful loans.

At the end of December 2004, the bank's NPAs stood at 1.48 per cent, lower than 2.71 per cent at the beginning of the financial year. The bank's NPA cover works out to about 78 per cent.

(This article was published in the Business Line print edition dated February 3, 2005)
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