Indian Bank announces 24.87% growth

Chennai : The Indian Bank announced a 24.87 percent year-on-year (YoY) growth on its net profit which stood at Rs 1,555 crores for the 2009-10.

The bank, whose total business stands over Rs 1.62 lakh crores with Deposits over 96,000 crores and Advances over 66,000 crores, announced an 11 percent growth in net profit for June 2010 that stood at Rs 368.15 crores.

The bank also said its Credit-Deposit Ratio has reached a level of 70 percent from last year?s 66.42 percent.

Having opened 114 new branches in the 2009-10, this year Indian Bank proposes to open 175 branches of which 7 will fall in West Bengal.

The public listed bank with 80 percent holdings by the Government of India and 20 percent with general public announced earning-per-share of Rs 35.09 (annualized) with Market Capitalization of Rs 11,560.81 crores as on September 22.