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Indian Bank today said its net profit for the April-June quarter grew 20.68 per cent to Rs 164.81 crore as against Rs 136.57 crore in the year-ago period and indicated it would increase its deposit and lending rates. The bank's overall business stood at Rs 66,288 crore, a growth of Rs 10,290 crore from a year ago, Indian Bank Chairman and Managing Director K C Chakrabarty said. Total deposits grew by 14.04 per cent and stood at Rs 41,637 crore, up from Rs 36,511 crore (June 2005). The bank's interest income increased by Rs 184.72 crore to Rs 956.20 crore, with advances portfolio essentially contributing to the increase. Return on assets improved to 1.34 per cent from 1.16 per cent (March 2006). Net advances increased by Rs 5164 crore (26.5 pc) and was Rs 24,651 crore from Rs 19,487 crore (June 2005), he said. Chakrabarty said the bank might also hike its lending and deposit rates. "We feel there is a need to hike interst rates on our deposits. Immediately, we are not looking at it... Unless major players don't increase... (but) loans to sectors like housing and consumer goods will definitely become costlier," he said. On sale of gold through the bank branches, he said since commencing the sale in March 2006, more than 150 kg of gold has been sold and the Bank has made a profit of Rs one crore.
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