According to Mr. T.M. Bhasin, the newly appointed Chairman and Managing Director, Indian Bank, the Bank targets a credit growth of 20 per cent during the current fiscal and expects total business to cross Rs 1.83 lakh crore by March 2011. The Bank's credit growth during 2009-10 had been 19 per cent. Bank's total business at the end of March 2010 stood at Rs 1.51 lakh crore and next year it should cross Rs 1.83 lakh crore.
During the first nine months of 2009-10, the bank has recorded a net profit of Rs 1,145 crore against Rs 851 crore in the same period in the previous year. However, the net interest margin (NIM) of the bank declined marginally to 3.62 per cent compared to 3.63 per cent in the nine months ended December 2008. Total Income of the bank improved by 17.42 per cent to Rs 6,713 crore from Rs 5,717 crore in the same period last year. During the nine months, total NPA recovery was Rs 471.07 crore and Gross NPAs declined to 0.89 per cent at the end of December.
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