Indian Bank has reported a 15 per cent drop in net profit at Rs 292 crore for the quarter ended March 31, 2013 against Rs 345 crore in the comparable previous year quarter.
However, total income grew by 15 per cent to Rs 4,022 crore during the quarter against Rs 3,488 crore last year.
The bank’s gross NPA at the end of the fourth 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.
In absolute terms, the gross NPA ballooned 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 (Rs 1,747 crore) on a total income of Rs 15,180 crore (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.
Branch expansion
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. It also has 1,322 ATMs in operation.