Source:PTI :23:April:2011
Indian Bank on Saturday reported 7 per cent increase in net profit at Rs 438.86 crore for the fourth quarter ended March 31, 2011.
The bank had a net profit of Rs 409.96 crore during the same quarter of the previous fiscal, Indian Bank informed the Bombay Stock Exchange.
Total income of the bank grew by 23.65 per cent to Rs 2,865.8 crore in the January—March quarter from Rs 2,317.73 crore in the same quarter a year ago.
The bank proposed a dividend of Rs 7.50 per share of face value of Rs 10 each, or 75 per cent, for 2010-11.
For the whole 2010—11 fiscal, the bank’s net profit rose by 10.23 per cent to Rs 1,714.07 crore compared to Rs 1,554.98 crore in the previous year.
During the year, total income expanded by 16.74 per cent to Rs 10,542.91 crore against Rs 9,030.77 crore in 2009—10.
Total business grew by 20.3 per cent to Rs 1,81,530 crore for the period ended March 2011 from Rs 1,50,886 crore for the period ended March 2010, Bank Chairman and Managing Director T M Bhasin told reporters in Chennai.
Total deposits grew by 19.9 per cent for the year ended March 31, 2011, to 1,05,804 crore from Rs 88,228 crore registered during the same period of previous year.
During the year, the total NPA (Non—Performing Assets) recovery was at Rs 756.58 crore, he said.
Bhasin said the Bank would cover the entire Puducherry under the Financial Inclusion plan in June this year.
He said the Bank has set a target of disbursing Rs 3,500 crore under the education loan portfolio during this financial year. For the year ending March 2011, the bank has disbursed educational loan to the tune of Rs 2,811 crore, he said
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