Indian Bank
performance improves
Our Banking Bureau
18 January 2002
 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 bank’s savings bank
deposits grew by Rs 501 crore during the same nine-month period.
The domestic credit grew by Rs 738 crore.
The bank’s 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.
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