Chennai, (IANS) : Public sector lender Indian Bank will focus on improving asset quality and business growth-deposits and advances, said a top official.

On Tuesday, the bank reported a net profit of Rs 319.40 crore for the fourth quarter of the 2016-17 fiscal, up from Rs 93.62 crore posted during the corresponding quarter of the previous year.

The bank earned a total income of Rs 4,601.89 crore for the period under review, up from Rs 4,522.73 crore earned during the corresponding period of the previous fiscal year.

The focus of the bank during the current year will be on growth, bettering the asset quality, Managing Director and CEO Kishor Kharat told the reporters here.

According to Kumar, the bank will target to bring its gross non-performing assets (NPA) to five per cent and net NPA to less than three per cent.

Kumar said the bank targets to grow its deposit base by 11-12 per cent and advances by 12-1 per cent with focus on retail lending.

In order to shore up its capital base, Indian Bank will come out with an capital issue which will bring down the central government’s stake to 75 per cent from 82 per cent.

The bank also plans a bond issue.

The bank board on Tuesday declared a dividend of Rs 6 per equity share against Rs 1.50 per equity for the previous year.