Indian Bank Q1 net down 31 per cent at Rs 317 crore

NEW DELHI: State-owned Indian Bank today reported 31 per cent decline in net profit at Rs 317.39 crore for the first quarter ended June, 2013 on account of higher provisioning.


The bank had earned net profit of Rs 461.74 crore in the April-June quarter of 2012-13, Indian Bank informed the BSE.

The total income of the bank rose to Rs 4,195.4 crore in the April-June quarter from Rs 3,596.5 crore in the same period last year.

Provisions other than the tax of the Chennai-based lender during the quarter under the review rose about a two and half fold to Rs 368.12 crore against Rs 145.70 crore in the first quater of the last fiscal.

As of June 30, 2013, Indian Bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 3.41 per cent of gross advances as against 1.66 per cent in the same quarter of the previous fiscal.

It's net non-performing assets also rose to 2.31 per cent from 1.04 per cent in the review period.

The bank's Capital Adequacy Ratio (CAR) as of June 30 stood at 13.06 per cent.

Shares of the bank were trading at Rs 90.40 apiece down 6.47 per cent on the BSE.