Indian
Bank net at Rs 189 crore; operating profit at Rs 590 crore
Our
Banking Bureau
5 May 2003
 Mumbai:
Indian Bank has reported a net profit of Rs 188.83 crore
for the year ended 2002-03, against Rs 33.22 crore for the
previous year. The bank's operating profit also increased
to Rs 590 crore, compared to Rs 307 crore in 2001-02 —
an increase of 92.17 per cent.
 Indian
Bank chairperson and managing director Ranjana Kumar says
the gross non-performance assets slid to Rs 1,630 crore
last year, from Rs 2,578 crore in the year before. Gross
non-performing assets (NPAs) worked out to 12.39 per cent
of the bank's risk weighted assets (advances), down from
17 per cent in the previous year.
Net NPAs amounted
to Rs 755 crore (6.15 per cent), down from Rs 904 crore
(8.25 per cent). The bank's total business crossed the
Rs 40,000-crore mark, to touch Rs 40,169 crore. Deposits,
at Rs 27,016 crore, accounted for 67.25 per cent of the
total business. The credit-deposit ratio works out to
48.68 per cent. Comparatively, in the previous year, the
bank's total business was Rs 36,522 crore, of which deposits
were Rs 24,039 crore.
 Gross
advances increased 7.96 per cent to Rs 13,153 crore, from
Rs 12,183 crore last year. But domestic advances grew
at a higher rate of 13.14 per cent, to reach Rs 11,743
crore. Kumar says the reduction in overseas credit was
a "conscious decision." The bank has offices
in Singapore and Sri Lanka.
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