Indian Bank net profit jumps 29% to Rs 212 cr

Indian Bank posted net profit growth of 28.65 per cent at Rs 212.03 crore in the first quarter of 2007-08, against Rs 164.81 crore in the corresponding period of the previous year.

Total income of the bank during the first quarter was Rs 1,376.74 crore, compared with Rs 1,048.42 crore in the corresponding quarter, registering a growth of 31.32 per cent.

The bank's advances during the first quarter were Rs 30,067 crore, against Rs 24,651 crore in the corresponding period of the previous year, an increase of 21.97 per cent. The bank mopped up deposits worth Rs 49,812 crore during the quarter, compared with Rs 41,637 crore, registering a growth of 19.63 per cent.

Net interest income of the bank touched Rs 490.49 crore during the first quarter against Rs 409.36 crore in the corresponding period of the previous year, clocking a growth of 19.82 per cent. Operating profit of the bank during the quarter improved to Rs 329.73 crore against Rs 229.51 crore in the corresponding period of the previous year, an increase of 43.67 per cent.

Net NPA stood at 0.28 per cent as on June 30, 2007, compared with 0.57 per cent in the year-ago period. Net interest margin (NIM) improved to 3.41 per cent against 3.34 per cent in the corresponding period of the previous year. Capital adequacy ratio (CAR) of the bank stood at 14.47 per cent as on June 30, 2007, compared with 11.80 per cent in the corresponding period of the previous year.