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IndusInd net profit doubles to Rs 25.4 cr

Oct. 30: IndusInd Bank has doubled its net profit at Rs 25.38 crore for the quarter ended September 2002, as compared with Rs 12.66 crore for the same period last year.

Total income of the bank in the reporting period rose 17.24 per cent to Rs 220.65 crore against Rs 188.2 crore in the second quarter of last year.

Deposits increased 21.53 per cent during the July-September period at Rs 6,162 crore against Rs 5,070 crore for the same period last year while advances rose by 12.03 per cent at Rs 3,649 crore (Rs 3,257 crore), the bank said in a statement. The bankís investments rose to Rs 2,590 crore as against Rs 2,257 crore in the corresponding period last year, an increase of 14.75 per cent while the capital adequacy ratio was at 15.75 per cent.

The bank recently received licenses to open new branches at various locations, including Thane, Bhopal, Noida, Bhubaneswar, Erode, Jayanagar (Bangalore) and Kakkanad (Kochi). The bank has strengthened its retail thrust and plans to expand its business through selective acquisitions and hopes to have a total of 200 outlets.

BoR net up 187.59%

Jaipur-based Bank of Rajasthanís (BoR) net profit has soared 187.59 per cent to Rs 15.53 crore for the second quarter ended September 30, 2002, compared with Rs 5.4 crore in the same period last year.

The bankís total income for the period under review stood at Rs 149.31 crore over Rs 127.97 crore in the second quarter of fiscal 2002, BoR chairman Pravin Kumar Tayal said.

The interest earned for the second quarter was Rs 114.36 crore compared with Rs 114.20 crore in the same period of the previous year, he said adding, the bank's other income rose to Rs 34.95 crore over Rs 13.77 crore in second quarter of the last year.

For the six-month period, BoRís net profit rose to Rs 28.27 crore (Rs 18 crore) and total income at Rs 283.02 crore (Rs 254.37 crore), he said.

The deposits grew by 16.48 per cent to Rs 4,184.84 crore in the first half of the current fiscal (Rs 3,592.82 crore in first half of fiscal 2002) while the advances stood at around Rs 1,900 crore.

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