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Indian Bank profit rises 52 %

Corporate Reporter

— Photo: Bijoy Ghosh

OPTIMISTIC: M. S. Sundara Rajan (right), Chairman and Managing Director, Indian Bank with Anup Sankar Bhattacharya, Executive Director, at a press conference in Chennai on Thursday.

CHENNAI: Despite challenging economic scenario, Indian Bank could report a better performance in all segments in the first three months ended June 30, 2009. Addressing presspersons here on Thursday, M. S. Sundara Rajan, Chairman and Managing Director, said the net profit has risen by 52.4 per cent to Rs. 331.66 crore from Rs. 217.62 crore in the year-ago period. Total business has grown by 20.6 per cent to Rs. 128,701 crore from Rs. 106,691 crore, he said.

Total deposits increased by 23.3 per cent to Rs. 76,717 crore from Rs. 62,215 crore while gross advances grew by 16.9 per cent to Rs. 51,984 crore from Rs. 44,476 crore.

During the first quarter, the bank disbursed Rs. 1,113.50 crore as agriculture advances benefiting 2.52 lakh farmers and the outstanding stood at Rs. 7,994 crore as on June 30, 2009.

The bank has reported a sharp rise in trading profits at Rs. 102.93 crore in the quarter under review against Rs. 24.38 crore.

Mr. Sundara Rajan said the bank continued to maintain good performance in NPA recovery management recovering Rs. 219 crore as against Rs. 114 crore in the corresponding period in the previous year. Mr. Sundara Rajan said the bank has carved a niche for itself in rural development and has opened 20 banking service centres to provide doorstep banking for the rural masses.

Covering 4,637 villages, the bank under the financial inclusion project, opened 19.52 lakh no-frills savings bank accounts and provided overdraft and general credit card facilities to 52,545 individuals, the CMD said.

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