Indian Bank net up 23 percent
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Indian Bank net up 23 percent

Tuesday, 28 April 2009, 02:43 Hrs
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Chennai: State-run Indian Bank Monday reported 23.4 percent rise in its net profit for 2008-09 at 1,245.32 crore from 1,008.73 crore the previous fiscal.

"The bank's total business went up by 23 percent to 124,413 crore (deposits 75,582 crore and advances 51,831 crore)," M.S. Sundara Rajan, chairman and managing director, told reporters here.

The city-based lender posted 7,865.77 crore in income last fiscal, up from 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 457.40 crore worth of farm loan under the government's debt waiver scheme and got a reimbursement of 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.
Source: IANS
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