Indian Bank records 37.61 per cent increase in NP

CHENNAI: Indian Bank has recorded 37.61 percent increase in net profit at Rs 459.62 crore for the half year ended September 30, 2007,compared to Rs 334 crore posted during the same period last year.

Addressing a press meet here, Chairman and Managing Director M S Sundararajan said the bank has posted a growth of 27.78 percent in operating profits during the period while net interest income grew by 10.79 percent and non interest income grew by 75.69 percent.
   
"Overall business grew 22.24 percent from Rs 70,316 crore during last year to Rs 85,954 crore this year while total deposits during the period rose to Rs 53,747 crore from Rs 44,124 crore, an increase of 21.81 percent," he said.
   
The bank will open six more 'microsate' branches in Orissa, Karnataka, Maharastra, New Delhi, Assam and Tamil Nadu, in addition to the existing branches across the country.
    
During the half year period the SME sector grew by Rs 458 crore,recording a growth of 29.4 percent, compared to the year-on-year target of 20 percent stipulated by the Government of India.
   
Total priority sector advances of the bank grew 11.88 percent with an outstanding of Rs 13,424 crore, Sundararajan said adding agriculture advances grew by 11.5 percent to Rs 5,371 crore.