Indian Bank net up 6.7% in Q1

Chennai-based Indian Bank reported a marginal growth of 6.7 per cent to Rs 118.13 crore in net profit for the first quarter ended June 30, 2004, compared with the corresponding period last year. Operating profit -of the bank jumped by 42.69 per cent to Rs 157.93 crore for the same time period.

Addressing mediapersons on the launch of 24 hours toll free phone for customer complaints redressal M B N Rao, CMD, Indian Bank, said, "In tune with the government directives to double the credit to agriculture within 2007, we have drawn up a four year agricultural credit plan. We want our agricultural credit to grow by Rs 810 crore and are targetting a disbursal of Rs 1,840 crore during the current year."

The bank has brought down its cost of deposits by over a per cent to 5.05 for the quarter ended June 30, 2004, compared with 6.36 per cent the corresponding period last year.

Total deposits of the bank grew by 2.40 per cent to Rs 31,175 crore as on June 30, 2004 compared with Rs 30,444 crore as on April 30, 2004. Net advances reported a growth of 3.67 per cent to Rs 14,645 crore for the same time period.

The bank managed to bring down its net NPA from 2.71 per cent in March 2004 to 2.43 per cent in June 2004. In value terms net NPAs was at Rs 345 crore and gross NPAs stood at Rs 1,166 crore as on June 30, 2004.

It had recovered about Rs 62 crore for the quarter ending June 2004.