Indian Bank profit rises more than six-fold to Rs373.48 crore
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Mumbai: State-owned Indian Bank Ltd Wednesday said net profit for the December quarter rose more than six-fold due to higher other income and lower provisioning.
Net profit for the quarter stood at Rs373.48 crore as compared to Rs48.48 crore a year ago. Five analysts polled by Bloomberg had forecast a net profit of Rs334.1 crore.
Net interest income (NII) or the core income a bank earns by giving loans increased 12.22% to Rs1,246.57 crore from Rs1,110.81 crore last year. Other income increased to Rs599.70 crore from Rs445.19 crore in the same period last year, up 34.70%.
Gross NPAs rose 5.25% to Rs9,675.10 crore at the end of the December quarter from Rs9,192.07 crore for the September quarter. On a year-on-year basis, it jumped 36.82% from Rs 7,071.35 crore.
As a percentage of total loans, gross NPAs stood at 7.69% at the end of the December quarter as compared to 7.28% in the previous quarter and 5.61% in the year-ago quarter.
Net NPAs were at 4.76% in the December quarter compared to 4.62% in the previous quarter and 3.17% in the same quarter last year.
Shares of Indian Bank closed at Rs272.15 per share on BSE, up 5.63% from its previous close, while India’s benchmark Sensex rose 1.21% to close at 27,708.14 points.