Financial Daily from THE HINDU group of publications
Thursday, Aug 26, 2004
Money & Banking
Corporate Results - Public Sector Banks
Indian Bank net rises to Rs 118 cr in Q1
Mr M.B.N. Rao, Chairman and Managing Director, Indian Bank, launching the bank's 24-hour toll-free call centre service for redressal of customer complaints/grievances in Chennai on Wednesday. - - Bijoy Ghosh
Chennai , Aug. 25
INDIAN Bank's net profit for the first quarter ended June works out to Rs 118.13 crore, about seven per cent higher than in the same quarter last year. Bank officials said that net profit would have been higher but for the new provisions for pension and gratuity. Operating profit was up 43 per cent at Rs 158 crore.
During the quarter, the bank recovered Rs 62 crore, which helped lower net NPAs to 2.43 per cent of advances, from 2.71 per cent as on March 31, 2004.
The Chairman and Managing Director, Mr M.B.N. Rao, told newspersons that the bank expected a 37-per cent jump in its agricultural credit.
Indian Bank proposes to disburse Rs 1,840 crore in the current year. "The bank would hire 100 unemployed farm graduates for about six months for effective marketing of agricultural schemes."
Mr Rao also said that after the recent tier-II bond issue, the bank's capital adequacy ratio had risen to over 15 per cent.
Asked if the bank might want to return a part of the capital to the government, he said that a decision on that would be taken at "an appropriate time".
The bank today announced the setting up of a 24-hour toll-free telephone number (1600 44 1400) for customer complaint redress.
Alongside, an ad hoc committee has been constituted to address the various issues of concern to the public in dealing with the bank, as directed by the RBI, according to a background note issued by the bank.
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