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THE HINDU BUSINESS LINE
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23.04.08
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| Indian Bank posts strong growth in interest income, Q4 net profit marginally up at Rs 242 cr |
Indian Bank has reported a net profit of Rs 241.67 crore on a total
income of Rs 1,672.85 crore for the fourth quarter ended March
31.
During the corresponding period in the previous year, the company
reported a net profit of Rs 235.30 crore on a total income of
Rs 1,563.59 crore.
According to officials, the relatively marginal growth in net
profit despite a strong growth in interest earned and other
indicators was because of a one-time jump in the previous fourth
quarter that could be attributed to a “big account recovery.”
However, on all other indicators, Mr M.S. Sundara Rajan, Chairman
and Managing Director, said the bank has turned in a strong
performance, with the interest earnings during the quarter showing
a growth of 14 per cent at Rs 1,359.99 crore (Rs 1,196.63 crore).
Addressing a press conference to announce the bank’s performance,
he said, the bank has set new records in terms of total business,
net worth, operating profit, net profit and declared a dividend
of 30 per cent to the shareholders.
Total deposits have jumped by nearly 30 per cent over the previous
year to Rs 61,046 crore, an increase of over Rs 13,955 crore,
gross advances have gone up by 35 per cent to Rs 40,228 crore
and gross NPA has down to 1.21 per cent from 1.85 per cent in
March 2007. For the year ended March, the net profit was Rs
1,008.74 crore (Rs 759.77 crore) against a total income of Rs
6,218.67 crore (Rs 5,017.86 crore).
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