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Indian Bank posts Rs 306 crore net profit

Indian Bank reported a net profit of `306.76 crore for the second quarter ended September 30, 2013, as against `496 crore net profit during the same period last year, said TM Bhasin, CMD of Indian Bank, here on Friday.

Published: 09th November 2013 06:00 AM  |   Last Updated: 09th November 2013 03:14 AM   |  A+A-

Indian Bank reported a net profit of `306.76 crore for the second quarter ended September 30, 2013, as against `496 crore net profit during the same period last year, said TM Bhasin, CMD of Indian Bank, here on Friday.

The bank’s global business for the half-year ended September 2013, grew to 16.1% to `2,63,758 crore. Total deposits stood at ` 1,52,687 crore, up by 16.4% while gross advances rose by 15.8 per cent to ` 1,11,071 crore.

Bashin launched seven tech savvy products which were expected to reduce the footfalls to the bank and the ATM centres by 50% by this financial year end and cost cut to the tune of `11 crore.

The products include, just dial for balance, the customer will be able to get the balance of SB/CS as a text message by making a call to 09289592895 from their registered mobile number, exclusive website link for wealth management services, SMS for noting Line on deposits and for cheque returns (inward/outward).

Its total income for Q2 ended September 30, 2013 increased to `4,078.24 crore as against `3,773.75 crore during the corresponding period of the previous year. The total income also grew to `8,273.71 crore from `7,370.26 crore registered during the same period of the previous year.

Gross NPA as on September 30, 2013 stood at 3.76% while net NPA was at 2.56%. The net profit for the year ended March 31, 2013 stood at `1,581.13 crore.

The bank’s net profit  had dipped by 38.4 per cent when compared to the previous year’s earnings and a similar trend was witnessed in the net profit for the first half of this financial year as it dipped by 34.9 per cent at `623.15 crore from `958.42 crore for the same period of the previous year, according to the company’s half yearly financial results published here.



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