NEWS & ADVICE : SAVINGS ACCOUNTS
Indian Bank reports 15% drop in net profit in Q4
By Neelima Shankar
May 10, 2013
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The private sector lender, Indian Bank has posted dip in net profit by 15 per cent at Rs 292 crore for the fourth quarter which ended on March 31, 2013 against Rs 345 crore in the corresponding quarter of the previous year.

Total income grew by 15 per cent to Rs 4,022 crore during the fourth quarter against Rs 3,488 crore last year.

The bank's gross NPA at the end of the quarter stood at 3.33 per cent and net NPA at 2.26 per cent. It has set a target to bring down the gross NPA to less than three per cent from the current level of 3.33 per cent and net NPA to less than two per cent from 2.26 per cent.

The gross NPA increased to Rs 3,565 crore from Rs 1,850 crore last year. And the net NPA stood at 2,384.29 crore against Rs 1,196.83 crore.

The bank added Rs 1,306-crore NPA during the period under consideration.

For the full year, the bank posted a net profit of Rs 1,581 crore against Rs 1,747 crore last year on a total income of Rs 15,180 crore against Rs 13,411 crore.

The bank has managed to keep its net interest margin at above 3 per cent and the return on average assets was at 1.02 per cent.

It has expanded its branch network by opening 143 new branches during the year, taking the total to 2,089 at the end of March 31, 2013.

Besides, it has three foreign branches in Singapore, Colombo and Jaffna. The bank also has 1,322 ATMs in operation.


 


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