Indian Bank posts Rs 212.03 cr net profit in Q1

CHENNAI: Indian Bank posted a net profit of Rs 212.03 crore for the first quarter ended June 30, 2007, a growth of 28.65 per cent over last year's Rs 164.81 crore.

Deposits stood at Rs 49,812 crore compared to Rs 41,637 last year, registering an increase of 19.63 per cent while advances grew by 22 per cent from Rs 24,651 crore last year to Rs 30,067 this year.

The city-headquartered public sector bank planned to open branches exclusively for micro finance across the country, its Chairman and Manging Director M S Sundara Rajan told a press conference here today.

Sundara Rajan said the holding of FII's had increased to 13.59 per cent from the six per cent before the bank went public earlier this year.

He added that Indian bank would add 1,000 rural kiosks to deliver banking facilities as part of the bank's efforts towards financial inclusion.

Operating profit improved by 43.67 per cent to Rs 329.73 crore this year against Rs 229.51 crore while net interest income increased by 19.82 per cent to Rs 490.49 crore from  Rs 409.36.