Indian Bank Q3 net up 61.4 per cent

The Chennai-based Indian Bank has posted a 61.4 per cent rise in its net profit at Rs 307.5 crore in the third quarter ended December 2007 over the same period last year.

It reported a 36.3 per cent rise in total income at Rs 1,676 crore in the quarter over Rs 1,229.5 crore for the same period last year. The interest income rose by 30.4 per cent to Rs 1,375.4 crore, the public sector bank said in a statement. The bank's net interest income showed a 35 per cent growth at Rs 561.79 crore. The net interest margin (NIM) improved to 3.75 per cent from 3.25 per cent. The bank's other income moved up from Rs 175 crore in October-December 2006 to Rs 301 crore in Q3 of 2007-08.

The business, comprising deposits and advances rose to Rs 90,015 crore from Rs 72,617 crore a year ago and advances moved up by 33.64 per cent to Rs 36,698 crore.

The capital adequacy stood at 13.51 per cent at the end of December 2007 (12.29 per cent in December 2006).