Public sector Indian Bank today reported a 21% decline in net profits at Rs 345.41 crore for the fourth quarter ended March 31, 2012.
The Chennai-headquartered bank registered net profit at Rs 345.41 crore for the fourth quarter ended March 31, down by 21.2%, from Rs 438.85 crore registered during the same period of previous year, Indian Bank CMD T M Bhasin said.
The consolidated net profit for the year ended March 31, 2012, marginally grew to Rs 1,746.59 crore as against Rs 1,728.15 crore registered during the same period of previous fiscal, he said.
The total income of the bank for the fourth quarter grew to Rs 3,498.02 crore from Rs 2,865.80 crore registered during the same period of previous fiscal.
For the financial year ended March 31, 2012, the consolidated total income of the bank rose to Rs 13,422.43 crore from Rs 10,550.82 crore registered during the year-ago period.
The overall business of the bank rose to Rs 2,11,988 crore up from Rs 1,81,530 crore up by 16.8%, he said.
The total deposits of the bank rose to 14.2% to Rs 1,20,804 crore for the period ended March 31, from Rs 1,05,804 crore registered during previous fiscal.
On the outlook for 2012-13, Bhasin said the bank has set a target of reaching Rs 2.60 lakh crore on its total business.
"The loan book and deposits will grow by 20%. The gross NPA should be around two% and net NPA should be around 1.5%", he said.
The bank's gross NPA for the period ended March 31, 2012 was at 2.03%, while net NPA stood at 1.33%.
Bhasin said the capital adequacy ratio would continue to be healthy at 13.5%.
During the fiscal 2011-12, he said they have opened 95 branches across the country taking the total network to 1,955. The bank has a branch in Singapore and two in Sri Lanka, he added.