Monday, June 8

INDIAN BANK


Indian Bank Assest & Networks:


Indian Bank reported a 63 per cent jump in net profit to Rs 394 crore for the fourth quarter ending March 31, 2009 compared with Rs 242 crore for the same period last year.

The bank was substantially aided by a sharp decline in provisioning to Rs 24 crore from Rs 178 crore in the corresponding quarter last year.

The board has recommended a 30 per cent (Rs 3 per equity share) dividend on the equity share capital and with this, the total dividend on the equity capital for 2008-09 works out to Rs 5 a share (50 per cent).

Addressing a press conference, Mr M.S. Sundara Rajan, Chairman and Managing Director, Indian Bank, said that the growth in interest income and fee-based income contributed to the spurt in net profit. Fee-based income surged by almost three times to Rs 188.6 crore for the quarter ending March 31, 2009 compared with the corresponding period the previous year.

The net interest margin improved to 3.54 per cent for the year ending March 31, 2009, against 3.45 per cent for the previous year. However, for the fourth quarter of 2008-09, the net interest margin declined to 3.34 per cent compared with 3.44 per cent for the same period last year.


The bank’s provisioning was Rs 24.3 crore for Q4 of 2008-09 compared with Rs 178 crore for the same period the previous year. Due to the interest rate volatility during 2008, ratio of current account saving account (CASA) to total deposits was only 32.5 per cent as people preferred to lock their money in fixed deposit, Mr Sundara Rajan said. The rise in interest rates also saw the bank’s cost of funds increase to 5.69 per cent in Q4 of 2008-09 compared with 5.50 per cent for the Q4 of 2007-08.

  • Established on 15th August 1907 as part of the Swadeshi movement
  • Serving the nation with a team of over 22000 dedicated staff
  • Total Business rossed Rs.1,24,413 Crores as on 31.03.2009
  • Operating Profit increased to Rs. 2228.83 Crores as on 31.03.2009
  • Net Profit increased to Rs.1245.32 Crores as on 31.03.2009 1642 Branches spread all over India
  • Pioneer in introducing Self Help Groups and Financial Inclusion Project in the country
  • Award winner for Excellence in Agricultural Lending from Honourable Union Minister for Finance
  • Best Performer Award for Micro-Finance activities in Tamil Nadu and Union Territory of Puducherry from NABARD
  • Established 7 specialized exclusive Microfinance branches called "Microsate" across the country to cater the needs of Urban poor through SHG (Self Help Group)/JLG (Joint Liability Group) concepts
  • A special window for Micro finance viz., Micro Credit Kendras are functioning in 44 Rural/Semi Urban branches
  • Harnessing ICT (Information and Communication Technology) for Rural Development and Inclusive Banking
  • Provision of technical assistance and project reports in Agriculture to entrepreneurs through Agricultural Consultancy & Technical Services (ACTS)



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    Posted by keerthi at Monday, June 08, 2009

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