The Hindu Business Line : Indian Bank net grows 60 pc

Indian Bank has posted a 60 per cent rise in net profit at Rs 169.19 crore (Rs 105.57 crore) for the quarter ended September 30. Total income increased to Rs 1,198.45 crore (Rs 941.47 crore).

Net interest income was up by around 26 per cent to Rs 453.72 crore (Rs 359.81 crore).

Overall, the business of the bank grew 21.06 per cent. Total deposits rose 16.4 per cent to Rs 44,124 crore (Rs 37,907 crore) and advances grew by 29.81 per cent to Rs 26,193 crore (Rs 20,177 crore).

"The bank has shown consistent performance in priority sector lending. Total priority sector advances have grown by 30.87 per cent during the half year," said a bank statement.

"Focus areas for the bank continues to be retail, agriculture and SMEs," said the Chairman and Managing Director, Dr K.C. Chakrabarty. Agriculture advances have increased 30 per cent to Rs 5,002 crore, forming 20.31 per cent of net bank credit, in the half year ended Sept. 30.

Net NPAs have declined to 0.45 per cent (1.06 per cent). The capital adequacy ratio stood at 12.02 per cent (14.08 per cent).

Indian Bank expects to hit the capital markets and file its red herring prospectus with the regulator by November.

More Stories on : Financial Performance | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Workshop on forex management

Rupee gains, breaches 45

Oriental Bank's Q2 net up 51 pc after GTB write-offs

Robust interest income lifts IOB net 25 pc

Indian Bank net grows 60 pc

YES Bank Q2 net up 50 pc

PNB posts 20-pc rise in PAT; deposit costs down

Syndicate Bank Q2 net rises 17%

RBI rate hike a given

Bond prices down by 3 paise

UCO keen to rejig capital

Credit demand strong in Q2, says RBI

Call rates rule at 6.8-6.9 pc

Bharat Overseas merger by fiscal-end

Book on 50 yrs of banking growth in Karnataka