Indian Bank records 37.61% increase in net profit

Indian Bank records 37.61% increase in net profit


Chennai: Indian Bank has recorded 37.61% increase in net profit at Rs459.62 crore for the half year ended 30 September 2007,compared to Rs334 crore posted during the same period last year.

Addressing a press meet here, chairman and managing director M S Sundararajan said the bank has posted a growth of 27.78% in operating profits during the period while net interest income grew by 10.79% and non interest income grew by 75.69%.

“Overall business grew 22.24% from 0,316 crore during last year to 5,954 crore this year while total deposits during the period rose to 3,747 crore from 44,124 crore, an increase of 21.81%," he said.

The bank will open six more ‘microsate´ branches in Orissa, Karnataka, Maharastra, New Delhi, Assam and Tamil Nadu, in addition to the existing branches across the country.

During the half year period the SME sector grew by Rs458 crore,recording a growth of 29.4%, compared to the year-on-year target of 20% stipulated by the Government of India.

Total priority sector advances of the bank grew 11.88% with an outstanding of 13,424 crore, Sundararajan said adding agriculture advances grew by 11.5% to 5,371 crore.