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Indian Bank Q3 net at Rs. 308 cr.

Special Correspondent

CHENNAI: Indian Bank, on Saturday, reported a net profit of Rs. 307.50 crore for the quarter ended December 2007, up from Rs. 190.50 crore for the same period in the previous year. The operating profit had increased by Rs. 173.02 crore to Rs. 463.22 crore (Rs. 290.20 crore). Net interest income had improved to Rs. 561.69 crore (Rs. 413.83 crore). Other income grew by 72 per cent to Rs.300.59 crore from Rs. 175.10 crore.

The overall business of the bank had grown up by 24 per cent to Rs. 90,015 crore (Rs. 72,617 crore). Total deposits had risen to Rs. 53,317 crore (Rs. 45,157 crore). Gross advances had gone up to Rs. 36,698 crore (Rs. 27,460 crore).

Gross NPA (non-performing assets) had declined to 1.4 per cent (Rs. 510.47 crore) and the net NPA to Rs. 77.79 crore and constituted 0.21 per cent of net advances as against 0.44 per cent as on December 31, 2006. During the nine months ended December 2007, total NPA recovery was Rs. 452 crore.

Addressing a press conference here on Saturday, M. S. Sundara Rajan, Chairman and Managing Director, attributed the big rise in ‘other income’ to gains from treasury operations and improvements in debt recovery. The Chairman said the NPA in retail loan portfolio was ‘very minimum’.

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