Indian Bank Q3 net up 25.86%

CHENNAI: Indian Bank’s net profit rose 25.86% to Rs 441.38 crore for the three months ended December 2009, compared to Rs 350.70 crore in the same period last year.

“The bank has excelled in all areas — total business, net worth, operating profit, net profit and other key ratios,” Indian Bank CMD MS Sundara Rajan said in Chennai on Saturday. Indian Bank’s total business grew by 18.38% year-on-year to Rs 1,42,200 crore at the end of December 2009 compared to Rs 1,20,120 crore the previous year.

While the total deposits increased by 21.64% to Rs 84,732 crore (Rs 69,660 crore), the bank’s gross advances grew by 13.89% to Rs 57,468 crore (Rs 50,460 crore). The net interest income for the period rose by 21.31% to Rs 872.97 crore (Rs 719.60 crore).

The net interest margin or NIM was at 3.82% compared to 3.91% and the capital adequacy ratio as per Basel II norms improved to 13.75% as on 31 December 2009 compared to 13.09% in the year ago period.

Mr Sundara Rajan also said that improving asset quality was one of the focus areas of the bank. Gross NPAs declined to 0.89% (Rs 514.27 crore) as on 31 December 2009 from 0.92% (Rs 462.46 crore) a year ago. The net NPAs were at 0.16%.