BANGALORE, November 7: IndusInd Bank Ltd has recorded profits of Rs 47 crore for the half-year ending September 30, 1997. The bank has already provided for the losses suffered on account of lending to CRB Financial as on July 31, this year.

Disclosing this in Bangalore on Friday IndusInd vice president (priority sector) Rajesh Puri said the bank has projected gross profits of Rs 104 crore for the entire financial year 1997-98. For the first half of the current year, the bank recorded deposits of Rs 3,800 crore and advances of Rs 2,200 crore.

The bank's networth was Rs 309 crore as on July 31, 1997. The capital adequacy ratio was Rs 12.90 crore for the same period.

The IndusInd bank had a high productivity level of Rs 20 crore per employee with profits per employee crossing the Rs 50 lakh mark, hesaid.

The IndusInd bank has recently launched the `Fast Forex' service in the city which will help it meet the requirements of capital account convertibility. The software utilised for this service, Kapiti-Equation/3, provides all the 20 branches of the bank direct access to the New York clearing house. A variety of retail capital market services have also been launched by the bank through its investment boutiques scheme. Puri was speaking at a road show organised by the bank for its Rs 180 crore initial public offer that will be listed on the National Stock Exchange (NSE), Pune and Mumbai bourses.

Speaking on the occasion, bank senior vice-president M Lall said IndusInd has recently appointed Cooper & Lybrand as consultants to help develop strategies and organisational structures for future growth.

The bank's forthcoming public issue of four crore equity shares of Rs 10 each for a cash premium of Rs 35 per share aggregates Rs 180 crore. This will contribute Rs 40 crore to the bank's equity of Rs 20 crore.

The balance will go towards reserves. No firm allotments have been made for this issue. The initial public offering (IPO) will offer 25 per cent of the bank's equity to the public although as per the Reserve Bank of India (RBI) regulations, 60 per cent of the bank's equity has to be held by the public. Another public offer will be made in the near future, Lall added. The issue closes on December 2.

SBI Caps and Karvy Consultants are the lead managers for the public issue.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.