Indian Bank Pays Rs. 298 Crore as Dividend to Govt of India
OREANDA-NEWS. July 25, 2012. Shri T. M. Bhasin, Chairman & Managing Director handed over two dividend cheques totalling Rs. 297.87 crore to Shri Namo Narainji Meena, Hon’ble Minister of State for Finance today at North Block. Govt. of
Preference Shares (PNCPS) of Rs. 400 crore.
The Bank has also deposited Dividend Distribution Tax @ 16.2225% amounting to Rs. 58.78 crores. Thus the exchequer has today received Rs. 356.65 crores comprising of :
Rs. 257.87 crores ( 75% Dividend on equity).
Rs. 40.00 crores ( 10% Dividend on PnCpS).
Rs. 58.78 crores ( Dividend Distribution Tax).
It is noteworthy that Indian Bank declared a Net Profit of Rs. 1747 crores for the year 2011-12. Indian Bank continues to have highest Return on Assets at 1.31%, highest operating profit to Total Business at 1.64% and highest Net Profit to Total Business at 0.83%. The Profitability efficiency and Productivity ratios of Indian Bank are the best in the Industry with Non Performing Assets and Cost to Income Ratio, are amongst the lowest in Banking Industry.
The Bank has set a target to reach Rs. 2.60 lac crore business as on 31.03.2013.
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