Indian Bank Net Profit Rises To Rs 62 Crore

Indian Bank has reported a net profit of Rs 61.59 crore for the year ended March 31, 2001, compared with Rs 23.86 crore in the previous fiscal.

"The operating profit would have been higher but for the amortisation of the first installment of the voluntary retirement scheme amounting to Rs 96.01 crore," Ranjana Kumar, chairman and managing director, Indian Bank said.

For the first time in seven years, domestic operations yielded an operating profit of Rs 5.94 crore.

She said the bank was able to meet all the targets set under the restructuring plan in the last fiscal and added that the bank would have posted net profit had the government released the recapitalisation funds as per the original plans.

 

The bank brought down its gross non-performing assets (NPAs) to 21.80 per cent from 32.77 per cent and net NPA to 10.03 per cent from 16.18 per cent. During last year, the bank was able to recover Rs 549 crore accounted as NPAs.