Indore Bank net profit shoots to Rs 115.20 crore | india | Hindustan Times
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Indore Bank net profit shoots to Rs 115.20 crore

india Updated: Jan 16, 2007 00:50 IST

AT THE end of December 2006, the net profit of State Bank of Indore had shot to Rs 115.20 crore, which is 90.32 percent more than the profit registered during the corresponding period last year and 91.97 percent higher than the profit earned up to September 2006.

These working results for third quarter of 2006-07 were approved at the meeting of bank’s board of directors held here on Monday. The results show that net profit per employee has also increased from Rs 1.25 lakh to Rs 2.33 lakh by recording 86.40 percent jump on year to year basis, a press release issued here said.

The robust credit growth recorded during second quarter was sustained during the quarter under review. With advances attaining a level of Rs 14284.42 crore at the end of December 2006, the bank registered a credit growth of 18.82 percent over March 2006 level. With a deposit accretion of Rs 1499 crore in the current year, the bank’s total deposits had attained a level of Rs 18159.78 crore as at the end of December 2006.

The improved productivity level can be gauged from the fact that average business per employee has recorded a noticeable jump of 23.37 percent rising from Rs 3.68 crore in March 2006 to Rs 4.54 crore as at the end of December 2006.

The importance accorded to agricultural financing is reflected in growth of agricultural advances to the tune of Rs 379.83 crore in current year as against a growth of Rs 181.31 crore during the previous year.

Under special agricultural credit plan, the bank has achieved 76 percent of its annual disbursement target. The bank is aggressively marketing Kisan Credit Cards (KCCs) and has already issued 28762 KCCs up to December 06.

The concerted efforts made for NPA reduction resulted in the Net NPA ratio declining from 1.83 percent in March 2006 to 1.62 percent in December 2006. At the end of third quarter, the bank continues to achieve the respective benchmarks under priority sector advances, agricultural advances and advances to women beneficiaries.

During the quarter under review, the bank opened two new branches at Ernakulam in Kerela and Seoni-Malwa in MP. The bank has thus made its entry in Kerela and now has a network of 445 branches spread across 14 states and a union territory.