Indian Bank Net Up 115% At Rs 405.75 Crore

Chennai, April 26 | Updated: Apr 27 2004, 05:30am hrs
Chennai-based Indian Bank has reported a 114.88 per cent growth in its net profit during the year ended March 2004. Net profit of the bank stood at Rs 405.75 crore as against Rs 188.83 crore in the previous year. Operating profit has gone up by 35.95 per cent to Rs 802.46 crore (Rs 590.25 crore).

Total income of the bank has increased to Rs 3,414.25 crore from Rs 3,056.91 crore in the previous year, while total expenditure has increased to Rs 2,611.79 crore (Rs 2,466.66 crore). Capital adequacy ratio has reached 12.82 per cent. And net non performing assets has come down substantially to 2.71 per cent from 6.15 per cent in the previous year. During the year, cash recoveries were to the tune of Rs 320 crore.

The total business of the bank has crossed Rs 45,000-crore mark touching Rs 45,379 crore. While, deposits had gone up to Rs 30,444 crore, advances had increased to Rs 14,935 crore. MBN Rao, chairman and managing director of the bank said, the bank has been very active on the retail segment.