Public sector lender, Indian Bank has ambitious targets set for FY'11. The bank expects its total business to cross Rs. 1.8 lakh crore in a year from now. It also expects its loan book to show a rise by 20% this fiscal.
"Our credit growth during 2009-10 had been 19 per cent and this year we are expecting expansion of 20-21 per cent during the current fiscal," Chairman and Managing Director of Indian Bank T M Bhasin said.
Bhasin is the newly appointed CMD of Indian Bank. He said that the business mix of the bank amounted to Rs. 1.51 lakh crore as on March 2010.
Talking about growth in deposits, he said that the liability growth of the bank is projected at around 19- 20 % this year. The bank has recently hiked its foreign currency deposit rates.
The first nine months of 2009-10 recorded a net profit of Rs. 1, 145 crore for the bank as compared to Rs. 851 crore for the same period the previous year.
The net interest margin (NIM) of the bank however showed a decline to 3.62% as compared to 3.63% in the nine months ended December 2008.
During the nine months, total NPA recovery was Rs 471.07 crore and Gross NPAs declined to 0.89 per cent at the end of December.