Retail, agri, SMEs drive Indian Bank profitability, growth

Indian Bank has laid out a business plan with clear visibility on growth, earnings and asset quality, a top official of the bank has said.
Retail, agri, SMEs drive Indian Bank profitability, growth
Padmaja Chunduru, Managing Director and CEO

Chennai

The bank’s MD and CEO Padmaja Chunduru said the business mantra would be ‘growth with profitability with primary focus on increasing CASA deposits, curtailing costs, increasing fee income, arresting slippages and accelerating recover.’ She said this while addressing the bank’s annual general meeting here onJune 28.

The focus would continue to be on offering efficient and excellent customer service, she said.

“The bank has a well laid-out business plan with a clear visibility on growth, earnings and asset quality that create significant value for all its stakeholders,” she said.

Commenting on the bank’s financial performance, she said the global business touched Rs 4.30-lakh crore mark contributed by 15.50 pc growth in advances and 16.20 pc growth in deposits with CASA growth of 9.17 pc. “What makes this achievement all the more satisfying is that in a span of just 18 months, your bank could add Rs one lakh crore of business”, she said.

She said retail, agriculture and micro, small and medium enterprises (RAM) sectors grew by year-on-year by 13.4 pc, 24.8 pc and 14.5 pc respectively.

On the profitability front, she said the bank recorded an operating profit of Rs 4,880.62 crore and net profit of Rs 321.95 crore.

“Your bank was one among of the five public sector banks which were able to clock net profit during FY2018-19, which is indicative of the efficient and effective management of resources”, she said.

She said the bank’s asset quality improved in 2018-19 with gross NPA ratio at 7.11 pc and net NPA ratio at 3.75 pc, an improvement from the previous year position of 7.37 pc and 3.81 pc respectively.

Bank remains well capitalised with CRAR of 13.21 pc . The bank raised capital of Rs 295.48 crore under employees share purchase scheme in May 2019, she said.

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