CHENNAI: Indian Bank has reported a net profit of Rs. 212.03 crore in the first three months ended June 30, 2007 against Rs. 164.81 crore in the year-ago period. Total income has risen by 31.3 per cent to Rs. 1,376.74 crore from Rs. 1,048.42 crore.
M. S. Sundara Rajan, Chairman and Managing Director has stated in a release that the total business of the bank grew by Rs. 13,591 crore to Rs. 79,879 crore. Deposits grew by Rs. 8,175 crore (19.6 per cent) to Rs. 49,812 crore and advances by Rs. 5,416 crore (22 per cent) to Rs. 30,067 crore from Rs. 24,651 crore. The priority sector credit rose by Rs. 509 crore to Rs. 12,507 crore constituting 44.41 per cent of adjusted net bank credit. A recovery of Rs. 97 crore had been made in NPA during the quarter and the net NPA fell to 0.28 per cent of net advances, according to Mr. Sundara Rajan.
During the period under reference, 102 branches were brought under core banking solution.