State-run Indian Bank has announced the results for the fourth quarter and the year ended on March 31, 2008.

The bank has posted a 2.7 percent growth in its net profit, which stood at Rs 241.67 crore for the fourth quarter, as against Rs 235.3 crore during the corresponding period of the last year.

Total income for the fourth quarter increased to Rs 1,672.85 crore from Rs 1,563.59 crore during the last quarter of the previous fiscal.

For the year ended March 31, 2008, the bank has posted a 32.8 per cent rise in its net profit at Rs. 1,008.74 crore for the year ended March 31, 2008, against Rs. 759.77 crore in the previous year.

Total income during the year experienced a growth of 23.9% at Rs 6,218.67 crore, up from Rs 5,017.86 crore in the previous financial year.

The equity dividend has been maintained at 30%, whereas the capital adequacy was above the predetermined level at 12.9%.

M. S. Sundara Rajan, Chairman and Managing Director, stated that the bank had strengthened itself in all sectors including total business, net worth, operating profit, net profit, EPS and other key ratios.

Total deposits during the year grew 29.6% to Rs 61,046 crore and the gross advances surged 36.4% to Rs 40,228 crore.

In early trading (10:58 am), the shares of Indian Bank gained
1.31% to trade at Rs 147 on the Bombay Stock Exchange (BSE).