Indian Bank expects “at least 15 per cent growth in credit offtake in 2015-16, against 11 per cent posted last year,” according to TM Bhasin, Managing Director and CEO of the public sector bank.

The projection is based on early indication of improvement in market conditions across a range of sectors, he said.

Announcing the fourth quarter results for the year 2014-15, Bhasin said the bank managed to contain the fall in asset quality during the period. Slippage during the quarter was at 0.73 per cent, against 0.79 per cent in the comparable quarter of the previous year. However, gross NPAs (non-performing assets) at the end of the quarter moved up to 4.4 per cent from 3.67 per cent in the year-ago period. Last year, the NPA recovery was at ₹848.08 crore against ₹627 crore in 2013-14. “Our target for the current financial year is to bring the gross NPA to 4-4.25 per cent from the current level, which may be a little difficult, but not impossible,” Bhasin said.

Net profit for the quarter stood at ₹206 crore against ₹271 crore in the fourth quarter of the previous year, registering a 24 per cent drop. He attributed the lower profits to higher provisions made during the quarter. “Moreover, there was an IT refund of ₹110 crore, which has come down to ₹40 crore in the quarter under consideration,” he added.

The bank’s operating profit at the end of the quarter rose 16 per cent to ₹817 crore from ₹203 crore in 2013-14.

The bank, on Thursday, launched a few technology-based products, including IB Smart Remote (an application that would allow consumers to lock or unlock their debit cards and increase or decrease the available limit of the card) and e-purse (a special card for the purpose of gifting or to have better control over expenses by the individual).

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