Indian Bank's deposits rise

Indian Bank's deposits rise
ENS ECONOMIC BUREAU

MUMBAI, DEC 14: The domestic deposits of public sector Indian Bank for the half-year ended September 1999 has increased by Rs 1,402 crore, or 8.8 per cent, against the incremental target of Rs 1,230 crore and against an increase of Rs 2,417 crore during 1998-99. The growth rate in deposits has exceeded the industry average of 6.7 per cent.

The operating loss (global) has been brought down to Rs 37.51 crore from Rs 77.24 crore in the corresponding period in the previous year and Rs 163.23 crore for the year ended March 1999. The loss-making branches has come down to 126 crom 270 on September 1998.

The bank has surpassed the deposit target of Rs 17,184 crore set under business plan and crossed an important milestone of Rs 17,000 crore to Rs 17,363 crore. ``Global deposits crossed the landmark of Rs 18,000 crore to Rs 18,446 crore from Rs 17,156 crore as at March 31, 1999. The growth rate of 2.75 per cent in advances exceeded the industry average of 2.6 per cent. Global gross advances increased by Rs 250 crore, or 2.6 per cent, from Rs 9,584 crore to Rs 9834 crore,'' it said in a press release.

The bank's domestic investment increased by Rs 1,023 crore (13.3 per cent) to Rs 8,689 crore from Rs 7,666 crore against an increase of Rs 759 crore during the year ended 1998-99. The bank has made a beginning in trading of securities and made a profit of Rs 12.33 crore against Rs 1.30 crore during 1998-99. The trading profit upto November amounted to Rs 18 crore. The compromise proposals handled by the bank amounted to 196 proposals involving a compromise amount of Rs 162 crore for the eight-month period April to November 1999 with a recovery of Rs 51 crore against 189 proposals involving compromise amount of Rs 59 crore in the corresponding period in the previous year.

The bank's NPA recovery (global) upto November 1999 amounted to Rs 280 crore compared to Rs 143 crore in the corresponding period in the previous year and Rs 268 crore for the entire 1998-99.