The Hindu : Business : Indian Bank net up 33 %

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Thursday, Apr 24, 2008
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Business

Indian Bank net up 33 %

Corporate Reporter

Total business crosses Rs. 100,000 crore
Maintains 30 per cent equity dividend

CHENNAI: Indian Bank has posted a 32.8 per cent rise in its net profit at Rs. 1,008.74 crore for the year ended March 31, 2008, against Rs. 759.77 crore in the previous year. Total income stood at Rs. 6,218.67 crore against Rs. 5,017.86 crore.

The equity dividend has been maintained at 30 per cent.

Addressing presspersons here on Wednesday, M. S. Sundara Rajan, Chairman and Managing Director, said the bank had excelled in all sectors — total business, net worth, operating profit, net profit, EPS and other key ratios. The total business crossed Rs. 100,000 crore reaching Rs.101,274 crore as on March 31, 2008 registering a growth of 32.2 per cent, Mr. Sundara Rajan said.

Total income for the year rose to Rs. 6,218.66 crore registering a growth of 23.9 per cent over Rs. 5,017.86 crore in the previous year. Interest income increased by 22.8 per cent to Rs. 5,150.77 crore.

The capital adequacy was much above the stipulated level at 12.9 per cent.

Total deposits grew by 29.6 per cent to Rs. 61,046 crore while gross advances increased by 36.4 per cent to Rs. 40,228 crore. Priority sector advances rose by 26.1 per cent to Rs. 15,129 crore. During the year, Reverse mortgage scheme was introduced for financing senior citizens.

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