Chennai-based public sector Indian Bank has reported a 4.03 per cent increase in net profit at Rs 409.9 crore for the fourth quarter ended March 31 compared with the previous corresponding quarter. Total income increased to Rs 2,317.7 crore in the fourth quarter from Rs 2,148.4 crore in the same period last year.
The bank reported a total income of Rs 9,030.32 crore and a net profit of Rs 1,554.99 crore for 2009-10 compared with Rs 7,865.77 crore and Rs 1,245.32 crore, respectively, in the last year.
Meanwhile, the bank is planning to open five fully automated branches called 'E-Indian Branch' in the current financial year which will target youth.
"The first branch will be opened in our new corporate office which will be inaugurated on August 15. The other branches will come up soon after in Mumbai, Delhi, Hyderabad and Bangalore," Chairman and Managing Director TM Bhasin told reporters here today. He said the E- branches would have multiple automatic teller machines.
Planned as branches without human interaction, Bhasin said initially the E-branches would have few people to guide the customers for using the machines.
The bank will open around 190 branches across the country in the current financial year, taking the total to over 1,940.
On the increased cash reserve ratio, repo and reverse repo rates, he said, "Around Rs 215 crore has been sucked out of the system towards reserves."
