Indian Bank Q1 net at Rs 118 crore
By Our Banking Bureau | 26 Aug 2004
Chennai:
Indian Bank''s net profit for the first quarter ended June
works out to Rs 118.13 crore. Bank officials said that
net profit would have been higher but for the new provisions
for pension and gratuity. Operating profit was up 43 per
cent at Rs 158 crore.
Recoveries totalled Rs 62 crore, which brought down net NPAs to 2.43 per cent of advances, from 2.71 per cent as on March 31, 2004.
The chairman and managing Director, M.B.N. Rao, told newspersons that the bank expected a 37-per cent jump in its agricultural credit.
The bank proposes to disburse Rs 1,840 crore in the current year. "The bank would hire 100 unemployed farm graduates for about six months for effective marketing of agricultural schemes."
