Indian Bank net profit up 7 percent

Indian Bank net profit up 7 percentMumbai, April 23 : Chennai-headquartered Indian Bank Saturday reported a 7 percent rise in net profit at Rs. 438.85 crore for the quarter ended March 31, as against Rs. 409.95 crore for the period last year.

The total income of the bank, for the quarter under review also grew, by 24 percent to Rs. 2,865.8 crore, it said in a regulatory statement.

However, the earnings per share dipped to Rs. 9.94 for the quarter ended March, as against Rs. 11.16 recorded in the previous sequential quarter.

For the entire fiscal 2010-11, the bank's net profit increased 10.23 percent to Rs. 1,714.07 crore, compared to Rs. 1,554.98 crore in the previous fiscal.

The bank's board recommended an equity dividend of Rs. 7.50 per equity share of face value Rs. 10. (IANS)