Indian Bank's Q1 net profit jumps by 52.40 pc

Updated on Jul 23, 2009 07:39 PM IST

Public sector Indian Bank today reported a 52.40 per cent jump in its net profit at Rs 331.66 crore for the first quarter of the current fiscal.

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PTI | By, Chennai

Public sector Indian Bank on Thursday reported a 52.40 per cent jump in its net profit at Rs 331.66 crore for the first quarter of the current fiscal.

The Chennai-headquartered bank clocked Rs.217,62 crore net profit in the year ago period, its Chairman M S Sundara Rajan told reporters here announcing the Q1 financial highlights.

Total income of the bank rose to Rs 2,230.39 crore from Rs 1,744.99 crore reported in the corresponding period a year ago, he said.

The bank achieved an NPA recovery of Rs 219 crore, up from Rs 114 crore during the corresponding period last year.

The Bank's net NPA as on June 30 last was Rs 205.89 crore, 0.40 per cent of net advances.

The increase in net NPA from 0.17 per cent in the corresponding quarter last year was due to the implementation of RBI guidelines regarding floating provision held, he said.

The retail advances grew from Rs 8,258 crore in June 2008 to Rs 10,004 crore in this quarter, a growth of 21.14 per cent year-on-year basis. The retail advances accounted for 19.24 per cent of the total advances of the bank at the end of June, 2009.

Sundara Rajan said the bank disbursed Rs 1,113.50 crore as agriculture advances during the first quarter, benefitting 2.52 lakh farmers. The outstanding in the sector stood at Rs 7,994 crore as on June 30 against Rs 7,838 crore as of March 31, 2009'.

During the quarter, the bank disbursed a sum of Rs 143.76 crore as educational loans to 26,501 students, he said.

The bank had 767 ATMs, including, 211 offsite ones, at the end of the first quarter.

The net worth of the bank increased to Rs 6,211.95 crore from Rs 4,933.69 crore in the corresponding period last year, a growth of 25.91 per cent year-on-year basis.

The (annualised) earnings per share had improved to Rs 29.76 from Rs 19.30, he added.

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