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Indian Bank Q2 net up 11.45% at 452 cr
Indian Bank on Monday announced its second quarter results of the FY18. Public-sector lender reported a rise of 11.45 per cent in net profit, which is at Rs451.54 crore for the September quarter as against a net profit of Rs405.14 crore in the previous corresponding quarter.
Hyderabad: Indian Bank on Monday announced its second quarter results of the FY18. Public-sector lender reported a rise of 11.45 per cent in net profit, which is at Rs451.54 crore for the September quarter as against a net profit of Rs405.14 crore in the previous corresponding quarter.
Total income of the bank increased to Rs4,874.16 crore for the quarter under review of 2017-18, up from Rs 4,579.01 crore in the same quarter of the previous fiscal, according to a release from the bank. The bank was able to reduce bad loans although provisioning to cover for such assets was raised.
The lender improved on its asset quality with the gross non-performing assets (NPAs) coming down to 6.67 per cent of the gross advances as on end-September 2017, as against 7.28 per cent by September 2016.
Net NPAs of bad loans too fell to 3.41 per cent of the net advances at the end of second quarter this fiscal, from 4.62 per cent in the year-ago corresponding period.
Bank's provisioning for bad loans and contingencies was raised to Rs744.55 crore for the quarter, up from Rs 478.27 crore for the same period a year earlier. Provisioning for bad loans alone stood at Rs633.36 crore, up from Rs 616.44 crore as on September 30, 2016.
