Indian Bank net up 23 percent

April 27th, 2009 - 7:56 pm ICT by IANS  

Chennai, April 27 (IANS) State-run Indian Bank Monday reported 23.4 percent rise in its net profit for 2008-09 at Rs.1,245.32 crore from Rs.1,008.73 crore the previous fiscal.
“The bank’s total business went up by 23 percent to Rs.124,413 crore (deposits Rs.75,582 crore and advances Rs.51,831 crore),” M.S. Sundara Rajan, chairman and managing director, told reporters here.

The city-based lender posted Rs.7,865.77 crore in income last fiscal, up from Rs.6,218.66 crore the year before, he said.

Approving the bank’s accounts, the board declared a final dividend of 30 percent. The total dividend for last fiscal stands at 50 percent after the 20 percent interim dividend.

Rajan said the bank wrote off Rs.457.40 crore worth of farm loan under the government’s debt waiver scheme and got a reimbursement of Rs.187 crore.

“We hope to increase our deposit base by 17 percent and advances by 20 percent this fiscal,” Rajan said.

Indian Bank, which installed 155 ATMs last year, would set up at least 200 ATMs this year, he added.

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