Indian Bank net at Rs 189 crore; operating profit at Rs 590 crore

Mumbai: Indian Bank has reported a net profit of Rs 188.83 crore for the year ended 2002-03, against Rs 33.22 crore for the previous year. The bank's operating profit also increased to Rs 590 crore, compared to Rs 307 crore in 2001-02 — an increase of 92.17 per cent. Indian Bank chairperson and managing director Ranjana Kumar says the gross non-performance assets slid to Rs 1,630 crore last year, from Rs 2,578 crore in the year before. Gross non-performing assets (NPAs) worked out to 12.39 per cent of the bank's risk weighted assets (advances), down from 17 per cent in the previous year.

Net NPAs amounted to Rs 755 crore (6.15 per cent), down from Rs 904 crore (8.25 per cent). The bank's total business crossed the Rs 40,000-crore mark, to touch Rs 40,169 crore. Deposits, at Rs 27,016 crore, accounted for 67.25 per cent of the total business. The credit-deposit ratio works out to 48.68 per cent. Comparatively, in the previous year, the bank's total business was Rs 36,522 crore, of which deposits were Rs 24,039 crore.

Gross advances increased 7.96 per cent to Rs 13,153 crore, from Rs 12,183 crore last year. But domestic advances grew at a higher rate of 13.14 per cent, to reach Rs 11,743 crore. Kumar says the reduction in overseas credit was a "conscious decision." The bank has offices in Singapore and Sri Lanka.