Indian Bank’s creditable performance

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Indian Bank has achieved creditable results for the Half Year ended September 2006.  The Bank recorded a Net Profit of Rs.334.00 crore for the half year ended September 2006 as compared to the Net Profit of Rs.242.14 crore for the corresponding six months period last year, thus registering a growth of 37.94%. The Operating profit increased by Rs.162.22 crore, representing a growth of 44.50% to Rs. 526.80 crore as compared to Rs. 364.58 crore in the corresponding six month period of last year.  The Net Interest Income improved by 23.25% to Rs.863.09 crore as against Rs.700.28 crore for the corresponding six months period last year.  

The Overall Business of the Bank grew by 21.06% (Rs.12,233 crore) to Rs. 70,317 crore up from Rs. 58,084 crore, as on 30.09.2005. Total Deposits rose by 16.40% (Rs. 6217 crore) to Rs. 44,124 crore from Rs. 37,907 crore.   Net Advances increased by 29.81% (Rs. 6016 crore) to Rs. 26193 crore from Rs. 20,177 crore as on 30.09.2005.  

Return on Average Assets improved to 1.33% from 1.16% for the corresponding period of last year. The Capital Adequacy Ratio stands at 12.02% as on September 30, 2006.

Gross NPA declined to 2.34% (Rs. 625 crore) as on 30.09.2006, from 3.53% (Rs.732 crore) as on 30.09.2005.  Net NPA recorded a decline to 0.45%  (Rs.118 crore) as on 30.09.2006, from 1.06%  (Rs. 213 crore) as on 30.09.2005.  During the first half year of September 30, 2006, total NPA recovery was higher at Rs.229.05 crore as compared to Rs. 172.58 crore for the corresponding six months period last year.

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