Publicly owned Indian Bank announced profit of Rs 491.29 crore for the three month period ended December 31, 2010 as against Rs 441.38 crore for the corresponding period of 2009, recording a year-on-year increase of 11.3%.

Indian Bank's total income grew by 14.4% to Rs 2,641 crore, with interest income increased 21.5%.

Bank's net interest income surged 25.5% on YoY basis to hit Rs 1,038 crore mark during the third quarter as compared to Rs 827 crore during the year-ago period.

Bank's overall biz grew to Rs 1,74,934 crore from Rs 1,24,413 crore during December 2009, registering a YoY increase of 23%.

The CASA augmented to Rs 32,329 crore during Oct-Dec last year as against Rs 26,358 crore during December 2009, posting an increase of 22.6%.

The bank's gross non-performing assets (NPAs) surged to Rs 752 crore during the third quarter from Rs 514 crore in Q3 FY 10.

The bank's net NPA also posted positive growth to Rs 418 crore in the third quarter as against Rs 90 crore during the same period of last year.

Indian Bank saw Rs 91 crore worth decline in agriculture in the period under review.

Bank''s Chairman and Managing Director (CMD), T M Bhasin said that the banking institution is eyeing recoveries worth Rs 200 crore during the fourth quarter.