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Updated: July 24, 2010 22:08 IST

Indian Bank net up 11 % at Rs. 368 crore

Corporate Reporter
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T. M. Bhasin. Photo : Bijoy Ghosh
THE HINDU T. M. Bhasin. Photo : Bijoy Ghosh

Total business registers a growth of 24 %

Indian Bank could report a 33 per cent rise in its operating profit at Rs. 837.82 crore in the first three months ended June 30,2010, against Rs. 630.49 crore in the year-ago period with a significant contribution to profits from treasury operations, corporate and retail banking.

Addressing presspersons here on Saturday T. M. Bhasin, Chairman and Managing Director, said the core operating profit, excluding trading profit, registered a rise of 48 per cent to Rs. 781 crore from Rs. 527 crore. The net profit has grown only by 11 per cent to Rs. 368.15 crore from Rs. 331.66 crore due to an increase in provisions and contingencies of Rs. 343.90 crore (Rs. 120.86 crore).

Mr. Bhasin said the bank has registered an allround improvement in its performance with a surge in net interest income, net interest margin and in respect of deposits and advances. Besides, a control in interest and operating expenses helped the bank to report a good performance.

Total business of the bank rose by 24 per cent to Rs. 159,027 crore from Rs. 128,700. Deposits registered a growth of 18.6 per cent to Rs. 91,000 crore from Rs. 76,716 crore while advances grew by 30.9 per cent to Rs. 68,027 crore from Rs. 51,984 crore as on June 30, 2009.

Priority sector advances grew by more than 25 per cent to reach Rs. 23,662 crore.

With a view to providing banking services to all the unbanked masses the bank has launched the financial inclusion plan 2010-13. A total of 12.16 lakh households are proposed to be covered under the three year plan by opening 17.64 lakh no-frill accounts, Mr. Bhasin said. The education loan portfolio recorded a growth of 33.1 per cent and the total loan portfolio stood at Rs. 2,463 crore as on June 30, 2010.

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