Indian Bank net profit grows 15.6%

Chennai, Aug 8 | Updated: Aug 9 2005, 05:30am hrs
Public sector Indian Bank has reported a 15.6% growth in its net profit for the quarter ended June 30, 2005 to Rs 136.57 crore as against Rs 118.13 crore during the same quarter in 2004. The operating profit of the bank during the quarter grew by 23.7% to Rs 195.32 crore as compared to Rs 157.93 crore.

For the quarter, the deposits grew by 4.89% over the same quarter in 2004 fiscal to Rs 1,703 crore while the net advances witnessed a jump of 6.02% to Rs 1,107 crore. Net NPA has come down to 1.04% as of June 2005 as compared to 2.43% as on June 30, 2004. The capital adequacy ratio (CAR) of the bank stood at 13.68% as against 13.25% during June 2004.

Addressing the gathering after signing an MoU with Sidbi here on Monday, KC Chakrabarty, chairman and managing director of Indian Bank, said the bank is turning around after a long gap and expected to become one of the major banks in due course of time.

The banks focus will be more on adopting latest technology to improve the business further. Under the core banking solution (CBS) the bank has covered 50 branches so far and expect to cover 500 branches by March 2006.

The bank has networked more than 420 branches across the country and propose to network another 375 branches in the current quarter.