Indian Bank has recorded growth in net profit by 6 per cent at Rs. 496.68 crore for the second quarter of this fiscal, which ended on September 30 as compared to corresponding period of last year's profit of Rs 469 crore.

During the second quarter, the total income was Rs 3,773.75 crore as compared to Rs 3,377 crore in corresponding period of previous year.

Mr. T M Bhasin, Chairman and Managing Director of the bank said that the growth in profits could have reached 12 per cent, had it reversed the depreciation account.

During this quarter, Total business of the bank rose to Rs 2.27 lakh crore as compared to Rs 2.02 lakh crore of previous year. CASA deposits also rose to Rs 37,994 crore against Rs 34,227 crore last year.

Net Interest Margin shrank to 3.12 per cent (3.76%), Gross advances were at Rs 95,936 crore (Rs 86,372 crore) and Credit Deposit ratio was at 73.13 per cent.

Gross non-performing assets (NPA) increased to 2.06% and net NPA was 1.33 per cent (0.69%). The restructured loan portfolio of the bank was around Rs 10,373 crore which included Rs 2300 crore from the power sector and Rs 1700 crore from the textile sector.