Tuesday, Nov 18, 2003
Tuesday, Nov 18, 2003 |
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By Our Special Correspondent
Addressing a press conference here today, Chairperson and Managing Director, Ranjana Kumur, said the proposal was to raise Rs. 300 crores. "The process has already begun. It will be raised very shortly," she added. The objective of this was to facilitate future expansion of assets. Ms. Ranjana Kumar asserted that the past was behind it and that the bank was on a strong footing now. To a question, she admitted that she would be moving over to head Nabard. "I have given my consent to take up the job," she said even while reminding that an official notification was yet to be issued. The current Executive Director of the bank, M. B. N. Rao, would step in to the shoes of Ms. Ranjana Kumar at Indian Bank. "He has given his consent," the Chairperson said and added that a formal order was still awaited. The General Manager of Indian Overseas Bank (IOB), B. Swaminathan, is expected to take up the Executive Director slot at Indian Bank now held by Mr. Rao. Quizzed if Indian Bank was ready for an IPO (initial public offer), she replied in the affirmative. She indicated that an IPO could occur either in the last quarter of 2004 or in the first quarter of 2005. Ms. Ranjana Kumar released the numbers for the first half of the current year. The net profit had gone up to Rs. 116.91 crores (Rs. 72.65 crores) for the half-year ended September 2003. The capital adequacy ratio (CAR) had moved up to 12.67 per cent from 10.85 per cent in March 2003. This was primarily attributed to the improved profit. The operating profit of the bank had risen to Rs. 256.21 crores during the period under review, up from Rs. 191.65 crores in the corresponding period in the previous year. The net interest income rose to Rs. 502.75 crores (Rs. 365.01 crores). The bank had recovered Rs. 184 crore NPAs (non-performing assets) till October this year. The recovery of Rs. 30 crores from Binny gave a shot in the arm for the bank's NPA recovery programme, she said. The Chairperson said Indian Bank was among the market leaders in retail lending what with it unleashing a host of structured products. "Home loan is our forte," she asserted. She also indicated that the bank would come out with a new scheme for purchase of plots for building residential houses. Like it had done earlier by engaging MBA students, the bank had now enlisted the help of jobless among agricultural graduates to solicit business in rural areas. As part of its policy of empowerment, the bank had just promoted 350 clerks to officer-level cadre. Last year, it had promoted 210 clerks. Ms. Ranjana Kumar said the bank would recruit 2000 officers by January 2004.
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