Indbank Merchant net up at Rs 14 cr

Indbank Merchant Banking Services (Indbank) posted net profit of Rs 13.92 crore in the fourth quarter ended March 31, 2007, compared with Rs 1.35 crore in the same period last year, recording a growth of 931 per cent. Income from operations grew 759.44 per cent to Rs 15.47 crore compared with Rs 1.80 crore in the same period.

For the full year ended March 31, 2007, Indbank's net profit rose to Rs 21.17 crore compared with Rs 2.04 crore a year ago, clocking a growth of 937.75 per cent. Gross total income of Indbank touched Rs 27.01 crore from Rs 8.72 crore a year ago, registering a growth of 209.75 per cent.

Earnings per share stood at Rs 4.77 compared with Re 0.46 during the period under review.

Indbank has obtained the Securities and Exchange Board of India's approval to undertake derivatives trading and proposes to start operations from the first quarter of 2007-08, according to a company release.