BUSINESS

Indian Bank's H1 operating profit up

CHENNAI OCT. 31 . The operating profit of Indian Bank for the six months ended September 30, 2002 stood at Rs. 198.66 crores against Rs. 40.26 crores in the same period last year.

Total income has grown by 12.89 per cent at Rs. 1,457 crores.

Non-interest income was higher by 26.5 per cent at Rs. 195 crores. Interest income has registered an increase of 13.4 per cent to Rs. 1,262 crores. Net interest income was higher by Rs. 135.33 crores at Rs. 381.66 crores.

Total business has crossed the Rs. 38,000 crore mark. In the half year deposits were higher by Rs. 1,669 crores (7.4 per cent) against a growth of Rs. 1,245 crores (6.16 per cent).

The net NPA was 7.84 per cent of net advances against 8.28 per cent.

The restructuring exercise initiated by the bank 30 months back have been yielding better results. During that period, the bank had improved its operating profit to Rs. 567 crores against an operating loss of Rs.235 crores during the previous 30 months period. Income has grown by Rs. 1,803 crores to Rs. 6669 crores.

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