IndBank Q4 net up 63% at Rs 394 cr, declares 50% dividend

State-run Indian Bank today reported a 63.06 per cent growth rate in net profit at Rs 394.07 crore for the fourth quarter ended March 31, 2009.

The bank had a net profit of Rs 241.67 crore in the March quarter of FY'08, Indian Bank said in a filing to the Bombay Stock Exchange.

The total income rose 28.43 per cent to Rs 2,148.48 crore during the March quarter from Rs 1,672.85 crore in the corresponding period a year-ago.

The board had declared a dividend of 50 per cent at the rate of Rs five on shares of face value of Rs 10 for FY'09.

During the quarter, the bank's interest income rose 36 per cent to Rs 1,856.37 crore, while interest expended was at Rs 1,188.81 crore, up 40 per cent over the same period in FY'08.

For the financial year ended March 31, the state-run lender reported a net profit of Rs 1,245.32 crore, up 23.45 per cent over the last year. Indian Bank had a net profit of Rs 1,008.74 crore in FY'08.

The total income rose to Rs 7,865.77 crore in FY'09, from Rs 6,218.67 crore in the previous fiscal.

 Besides, the board has also recommended a dividend of 8.75 per cent for the period April-September 2008 and 10 per cent for the period October-March 2009 on the preference share capital of Rs 400 crore, it said.

Shares of Indian Bank were trading at Rs 120.50, up 2.86 per cent in the afternoon trade on the BSE.