Indian Bank has come out with its numbers. The net interest income the NII for FY11 has been risen by 27% to come in at Rs 4,036 crore. The profit is higher by 10% at Rs 1,714 crore.
Indian Bank reported net interest income (NII) up 27% to Rs 4,036.1 crore for quarter-ended March 2011. The operating profit up by 19.8% to Rs 3291 crore for quarter-ended March 2011 compared to Rs 2,747 crore same period last year.
The net profit came in at Rs 1,714 crore versus Rs 1,554 crore, up 10.23%.
Speaking to CNBC-TV18, TN Bhasin, chairman and managing director of Indian Bank said, "We have been able to show good profit because we concentrated on core business growth, so 20% and 21% is the growth on deposit and loan book for the year 2010-2011. As for the year 2011-12, the focus this year has again been put on retail and recovery because there is a lot of opportunity available from the recovery being made from the technically written-off book, which is around Rs 1,800 crore."
He said, "Even if we recover 20% of that there is Rs 360 crore which comes to my profit. We will be focusing more on retail deposit growth and also retail book growth on the loan side also."
Commenting on his outlook for NIM, Bhasin said, "If we see the growth of NIM, for the year 2009-2010, the NIM was 3.55%. We have been able to improve it to 3.75% during the year 2010-2011. This happened only because of focusing more on retail business. This is the best NIM in the banking industry. We will be focusing more to contain and sustain the same NIM levels in the current year also."
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