BANKS
Indian Bank Q1 net up 41% at Rs 1,709 crore
Indian Bank’s gross NPA falls to 5.47% in June quarter, from 8.13% a year ago; net NPA declines to 0.70% from 2.12%.
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Indian Bank’s gross NPA falls to 5.47% in June quarter, from 8.13% a year ago; net NPA declines to 0.70% from 2.12%.
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State-owned Indian Bank reported a 41% year-on-year rise in net profit to Rs 1,709 crore for the June quarter, mainly due to decline in bad loans.
In the year-ago period, the Chennai-based lender had posted a net profit of Rs 1,213 crore.
Total income in the fiscal first quarter ended June rose to Rs 14,759 crore versus Rs 11,758 crore in the year-ago quarter.
Indian Bank’s interest income increased to Rs 13,049 crore from Rs 10,153 crore.
The bank’s asset quality improved, with the gross non- performing assets (NPAs) declining to 5.47% in the June quarter, from 8.13% a year ago.
Net NPA declined to 0.70% from 2.12%.
Provisions for bad loans declined to Rs 930 crore versus Rs 2,002 crore a year ago.
The bank’s capital adequacy ratio fell to 15.78% at the end of June compared to 16.51% in the year-ago period.
