Indian
Bank Q1 net at Rs 118 crore
Our
Banking Bureau
26 August 2004
Chennai:
Indian Bank's net profit for the first quarter ended June
works out to Rs 118.13 crore. Bank officials said that
net profit would have been higher but for the new provisions
for pension and gratuity. Operating profit was up 43 per
cent at Rs 158 crore.
Recoveries
totalled Rs 62 crore, which brought down net NPAs to
2.43 per cent of advances, from 2.71 per cent as on
March 31, 2004.
The
chairman and managing Director, M.B.N. Rao, told newspersons
that the bank expected a 37-per cent jump in its agricultural
credit.
The
bank proposes to disburse Rs 1,840 crore in the current
year.
"The bank would hire 100 unemployed farm graduates
for about six months for effective marketing of agricultural
schemes."
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