Processing .....please wait.. 
The article has been forwarded.... 
Indian Bank first quarter net up 52 percent
Friday, 24 July 2009, 14:28 IST
Chennai: The city-based Indian Bank closed the first quarter with a 52 percent increase in net profit and nearly 21 percent increase in total business as compared to the corresponding period in the previous fiscal, said a top bank official here Thursday.
"Despite the challenging economic environment, the bank has earned a net profit of 
331.66 crore and did a total business of 1,28,701 crore (deposits plus advances) as against 217.62 crore and 1,06,691 crore posted during the corresponding period of the previous year," said the bank's chairman and managing director M.S. Sundara Rajan.
Its revenues rose to 2,230.39 crore from 1,744.99 crore earned in the year-ago period.
"The net interest income rose to 737.78 crore for the period ending June 30 from 539.53 crore eared in the corresponding quarter last year. The net interest margin improved to 3.56 per cent from 3.17 percent," Rajan said.
For the period under review, the bank's deposits stood at 76,717 crore and advances at 51,984 crore.
According to Rajan, the gross non-performing asset (NPA) was 474.37 crore and the net NPA stood at 205.89 crore. It was 75.71 crore in the corresponding period the previous year.
However, Rajan played it down, and said: "There is nothing to get worried about the increase. It is due to the implementation of the Reserve Bank of India's guideline which does not permit banks to take into account the floating provision for calculation of net NPA."
He said the bank has restructured loans aggregating 1,786.25 crore during the quarter.
Indian Bank will also open around 100 new branches and install 200 automated teller machines (ATM), Rajan added.
Source: IANS
331.66 crore and did a total business of 1,28,701 crore (deposits plus advances) as against 217.62 crore and 1,06,691 crore posted during the corresponding period of the previous year," said the bank's chairman and managing director M.S. Sundara Rajan.
Its revenues rose to 2,230.39 crore from 1,744.99 crore earned in the year-ago period.
"The net interest income rose to 737.78 crore for the period ending June 30 from 539.53 crore eared in the corresponding quarter last year. The net interest margin improved to 3.56 per cent from 3.17 percent," Rajan said.
For the period under review, the bank's deposits stood at 76,717 crore and advances at 51,984 crore.
According to Rajan, the gross non-performing asset (NPA) was 474.37 crore and the net NPA stood at 205.89 crore. It was 75.71 crore in the corresponding period the previous year.
However, Rajan played it down, and said: "There is nothing to get worried about the increase. It is due to the implementation of the Reserve Bank of India's guideline which does not permit banks to take into account the floating provision for calculation of net NPA."
He said the bank has restructured loans aggregating 1,786.25 crore during the quarter.
Indian Bank will also open around 100 new branches and install 200 automated teller machines (ATM), Rajan added.
Source: IANS