Indian Bank net rises 46%

Indian Bank reported a 46.34 per cent growth in net profit at Rs 247.60 crore in the September 2007 quarter on the back of higher growth in interest income and fee-based income.

Total income for the quarter rose 26.93 per cent to Rs 1,493.14 crore from Rs 1,176.31 crore in the corresponding period last fiscal. Interest income rose 21.28 per cent to Rs 1,251.90 crore against Rs 1,032.26 crore earlier.

Other income, which includes fee-based income, was up 67.47 per cent to Rs 241.24 crore from Rs 144.05 crore, said M S Sundara Rajan, chairman and managing director, at a press meet. 
 

Indian Bank
	Rs crore	% chg
Interest earned	1,251.90	21.28
Other income	241.24	67.47
PBT	343.44	52.22
Net profit	247.60	46.40
CAR (%)	13.85	-
NPM (%)	19.78	-

The Chennai-based bank's operating profit increased 15.52 per cent to Rs 343.44 crore from Rs 297.29 crore in the second quarter of previous fiscal. Net interest income grew to Rs 465.69 from Rs 453.73 crore, while net interest margin stood at 3.19 per cent as against 3.71 per cent at the end of September 2006.

Cost of deposits rose from 4.98 per cent to 5.95 per cent, while yield on advances moved up to 10.30 per cent from 9.39 a year ago.

For the half year ended September 30, 2007, net profit rose 37.61 per cent at Rs 459.62 crore from Rs 334 crore in a year earlier. Operating profit was up 27.78 per cent to Rs 673.17 crore compared with Rs 526.80 crore earlier.

Total income in the first half went up to Rs 2,869.87 crore from Rs 2,224.73 crore in the same period of the last fiscal, while other income grew by 75.69 per cent to Rs 415.11 crore (Rs 236.27 crore). Net interest income was up 10.79 per cent to Rs 956.18 crore (Rs 863.09 crore).