Chennai: A  61.45 percent increase in net profit was reported by the Indian Bank for the third quarter ending December 31,2007. The profit stood at Rs 307.50 crore as compared to Rs. 190.50 crore during the same period last year.

The bank also witnessed a growth in overall business by 23.96%. This figure increased to Rs. 90,015 crore from Rs. 72,617 crore. The deposits of the bank also rose by 18.07 percent to Rs. 53,317 crore from Rs. 45,157 crore. M S Sundar Rajan, CMD of Indian Bank said, "the bank expects to increase deposits by 20 per cent and 25 per cent on advances by the end of this fiscal."

Indian Bank has been one of the star performers among the public sector banks. Established on 15th August 1907 as part of the Swadeshi movement the bank has served the country for over a century now. Indian Bank is expecting to grow its network by adding 40 more branches by March 2008.

Indian Bank has played a pivotal role in rural development and it is considered as one of the leaders in bringing the latest technological initiatives and innovative schemes to improve the condition of both rural and urban poor. The bank has played a pioneer  role in in introducing Self Help Groups (SHGs) and financial inclusion project in the country. To uplift the condition of urban self help groups and provide them with much needed finance, the bank has established 7 specialized exclusive microfinance branches called "Microsate" across the country to cater the needs of urban poor through SHG.