Comments
Indian Bank has reported a 13.5 per cent growth in net profit for the first quarter ended June 30, 2012 at Rs 462 crore, against Rs 407 crore during the comparable previous year quarter, due to an increase in interest income.
Net interest income rose by around 12 per cent to Rs 1,153 crore on a year-on-year basis. Gross NPA (non-performing assets) was down to 1.66 per cent (from 2.03 per cent) as on end March.
In absolute terms, gross NPA was at Rs 1,553 crore against Rs 1,851 crore. Net NPA declined to 1.04 per cent (Rs 963 crore) from 1.33 per cent (Rs 1,197 crore) at the end of the financial year 2011-12.
According to Mr T.M. Bhasin, Chairman and Managing Director, the drop in NPA can be attributed to cash recoveries of Rs 152 crore and upgradation of NPA accounts of Rs 26 crore during the quarter under consideration. He said the bank hopes to step up NPA recovery during the current quarter too.
“Our focus for the current year will be NPA management and retail banking,” he said.
For the quarter under consideration, the bank has reported a growth of 10.3 per cent in domestic CASA (current account/savings account) deposits, which amount to Rs 36,871 crore as on June 30 (Rs 33,441 crore in June 2011). The bank’s total business rose 14.49 per cent to Rs 2,20,888 crore.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.