Indian Bank posts six percent Q2 growth
Public sector Indian Bank closed the second quarter of the current fiscal with six percent growth in its net profit, said a top official Saturday.
The bank is targeting growth of around 17 percent in its loan book size for the full year, he said.
The bank closed the September ending quarter with a net profit of Rs.496.68 crore up from Rs.468.69 crore posted during the corresponding period of the previous year.
Announcing the results, T.M. Bhasin, chairman and managing director of Indian Bank, said the bank's total income rose to Rs.3,773.75 crore during the period under review up from Rs 3,377.13 crore posted during the corresponding period of the previous year.
The bank's credit-deposit ratio stands at 73.13 percent.
According to Bhasin, the net interest margin for the period under review stood at 3.21 percent as against 3.30 percent during the first quarter of the current year.
Indian Bank's capital adequacy ratio (CAR) stands at 12.96 percent for the period ended September and the CAR would go up to 14.03 per cent if bank's half year profit was added, Bhasin said.
According to him, the bank had headroom to raise Rs.7,800 crore through Tier II bonds.
The bank's gross non-performing assets (NPA) to gross advances ratio of bank was at 2.06 per cent as against 2.03 per cent as on March 31.
Bhasin said the bank had recorded a recovery of Rs.307 crore in the first half of the current fiscal and written off Rs.103 crore as doubtful.