Indian Bank’s Net Profit Up By 25.86% at Rs 441 crores in Q3 ended December 2009
Chennai, January 23, 2010:
Highlighting the performance of the Bank to the Press here today, after the adoption
of the Third Quarter results by the Board, Shri M S Sundara Rajan, Chairman &
Managing Director said that the Bank has excelled in all areas - in the total business,
net worth, operating profit, net profit, EPS and other key ratios.
Performance Highlights for the quarter ended December 2009
• The Bank posted Net Profit of Rs. 441.38 crore for the quarter ended December
2009 as compared to Rs.350.70 crore for the corresponding period of previous
year, recording a growth of 25.86%.
• The Bank recorded an Operating Profit of Rs.690.67 crore compared to Rs. 578.68
crore for the corresponding period of previous year, registering a growth of
• Net Interest Income improved by 21.31% (Rs.153.37 crore) to Rs.872.97 crore
from Rs.719.60 crore.
• Total Income improved by 11.44% (Rs.236.92 crore) to Rs.2308.29 crore from
Rs. 2071.37 crore.
ICRA has upgraded the rating assigned to the Rs.300 crore lower Tier II bonds
programme of Indian Bank from LAA to LAA+ with a positive outlook. The rating
indicates high quality and the rated instrument carries low credit risk.
Key Financial ratios
• NIM was at 3.82% compared to 3.91%.
• Return on Average Assets was at 1.86% as against 1.83% for the corresponding
period of last year.
• Cost to Income ratio improved to 40.79% from 42.53%.
• Book value of equity improved to Rs.154.16 (Rs. 125.57 for December 08).
• Net Worth improved to Rs.7025.32 crore from Rs. 5796.52 crore.
• Earnings per Share (annualised) improved to Rs.39.99 from Rs. 31.69.
The Capital to Risk weighted Assets Ratio (CRAR) is well above the prudential norm
• CRAR as per Basel I norms improved to 13.15% as on 31.12.2009 against
12.68 % as on 31.12.2008.
• CRAR as per Basel II norms improved to 13.75% as on 31.12.2009 against
13.09% as on 31.12.2008.
• Total Business of the Bank measured in terms of total deposits and gross advances
increased to Rs.1,42,200 crore, up from Rs.1,20,120 crore recording a growth of
Rs.22,080 crore (18.38%). Total Deposits rose by 21.64% (Rs.15,072 crore) to
Rs.84,732 crore from Rs.69,660 crore. Gross Advances increased by 13.89%
(Rs.7008 crore) to Rs.57,468 crore from Rs.50,460 crore.
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(This is a press release from Indian Bank)