Indian Bank has reported core operating profit (excluding trading profit and recovery of bad debts) of Rs. 761.37 crore for the quarter ended December 31, 2010 against Rs. 525.12 crore in the corresponding period in the previous year. On the basis of financial results released by the bank, the net profit was higher by 11 per cent at Rs. 491.30 crore against Rs. 441.38 crore.
Total income has increased by 14.4 per cent to Rs.2,641 crore with interest income rising by 21.5 per cent. Net interest income rose by 25.5 per cent to Rs. 1,038 crore from Rs. 827 crore. Core non-interest income, excluding trading profit witnessed a growth of 7.09 per cent to Rs. 222 crore.
Total business of the bank rose to Rs. 1,74,934 crore as compared to Rs. 1,24,413 crore in December 2009, a growth of 23 percent. Deposits stood at Rs. 1,01,015 crore against Rs. 84,733 crore. Credit-Deposit ratio has improved to 73.18 per cent from 67.82 per cent.
Gross non-perform assets has declined to Rs. 752 crore from Rs. 988 crore and net NPA to Rs. 417 crore from Rs. 511 crore. The provision coverage ratio was at 83.01 per cent compared to RBI’s stipulation of 70 per cent. Cost to income ratio is lower at 36.88 per cent against 40.79 per cent.
