Indian Bank performance improves
By Our Banking Bureau | 18 Jan 2002
1
Chennai:
Indian Bank has
reported an operating profit of Rs 102 crore for the first nine
months of the year against the Rs 57 crore in the same period last
year. The increase has been despite the provision for amortisation
of the VRS expenditure.
Indian Bank chairperson
and managing director Ranjana Kumar said the banks savings bank
deposits grew by Rs 501 crore during the same nine-month period.
The domestic credit grew by Rs 738 crore.
The banks interest income rose by Rs 1,703 crore. The net interest income, however, was lower at Rs 366 crore. Kumar said this was because in the last year the net income figure had a higher amount of interest recovered from delinquent loans.
"The bank, having met all targets quarter upon quarter, is still awaiting recapitalisation support from the government," she said.
