Indian Bank announces Q4 net profit of Rs.2353.10 million, recommends 20% dividend

Indian Bank has announced the following Audited results for the quarter & year ended March 31, 2007. The Bank has posted a net profit of Rs 2353.10 million for the quarter ended March 31, 2007 as compared to Rs 1391.60 million for the quarter ended March 31, 2006. Total Income has increased from Rs 10920.00 million for the quarter ended March 31, 2006 to Rs 15636.10 million for the quarter ended March 31, 2007.

The results for the Year ended March 31, 2007: The Bank has posted a net profit of Rs 7597.70 million for the year ended March 31, 2007 as compared to Rs 5044.80 million for the year ended March 31, 2006. Total Income has increased from Rs 38277.40 million for the year ended March 31, 2006 to Rs 50178.60 million for the year ended March 31, 2007.

The Board of Directors of the Bank at its meeting held on April 23, 2007, inter alia, has recommended a Dividend of 20% on the Equity Share Capital & a special dividend of 10% on the Equity Share Capital to mark the Bank's Centenary Year Celebrations and 8% on the Preference Share Capital for the year 2006-07.

The stock was trading at Rs.95.85, down by Re.0.80 or 0.83%. The stock hit an intraday high of Rs.99.95 and low of Rs.95.50. The total traded quantity was 514441 shares compared to 2 week average of 283989.

Source : Equity Bulls

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