Indian Bank reported 12 per cent growth in net profit for the July-September quarter of the current year — Rs 416 crore compared with Rs 372 crore for the same period the previous year, thanks to 30 per cent (year-on-year) growth in advances.
The bank had loan assets of Rs 69,973 crore as of September 30, 2010, compared with Rs 53,919 crore a year ago.
Buoyed by the growth in loans and other factors such as a rise in low-cost deposits (current accounts, saving accounts), the bank's net interest income rose 38 per cent.
Treasury operations
Non-interest income remained stagnant, which to the bank's Chairman and Managing Director, Mr T. M. Bhasin, is a matter of satisfaction, given that income from treasury operations dipped to Rs 103 crore for the period under review, compared with Rs 162 crore in the same period last year. Income from treasury operations typically decline in an environment of rising interest rates, like now.
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