Indian Bank Q2 net up 6.5%

Indian Bank, the Chennai-based public sector bank, has recorded a net profit growth of 6.5 per cent at Rs 496 crore in the second quarter results announced here on Saturday.

Compared to the `876 crore in September 2011, the bank recorded a net profit of Rs 958 crore, a growth of 9.46 per cent for the half year ended September 2012.

The bank’s chairman and managing director TM Bhasin announced the results. Total business of the bank increased to Rs 2.27 lakh crore as against Rs 2.11 lakh crore in March 2012, recording a growth of 14.27 per cent  (annualised). A growth of 17.18 per cent was recorded in total deposits amounting to `1.31 lakh crore as at the end of September 2012 compared to Rs1.20 lakh crore in March 2012.

The total income of the bank, for the half-year ended September 2012, increased to `7,371 crore led by year-on-year growth of 15.04 per cent in interest income.

The net interest income which is the difference between the interest paid and earned increased by Rs108 crore to reach Rs 2,273 crore. This quarter it was at Rs1,120 crore. Total expenses increased by Rs 917 crore to Rs 5623 crore as at the end of September 2012.

The gross non-performing asset (NPA) increased at 2.06 per cent while the net NPA stood at 1.33 per cent. The bank’s provisions and contingencies increased to `202 crore as against over `145 crore as on June 30, 2012.

CASA ( current account, saving account) deposits stood at Rs 37,994 crore in September, 2012 against Rs 36,866 crore in March this year and credit deposit ratio was at 73.13 per cent.