Indian Bank net up 62% at Rs 247 crore

Mumbai: State-owned lender Indian Bank posted a 62.3% rise in December quarter net profit to Rs 247 crore. The bank had posted a profit of Rs 152.2 crore in same period last year.

Asset quality was stable for the quarter, with gross non-performing assets as a percentage of gross advances coming at 7.2% versus 7.46% same time a year ago. Net NPA dropped 90 basis points over last year to 3.5%.

Provisions spiked sharply up 65.5% to Rs 1,529.2 crore for the quarter ended December 2019. It had set aside Rs 923 crore as provisions during the same period last year.


Net interest income at Rs 1,955.18 crore increased by13.89% compared to the same period last year. Other income (non-interest income) shot up to Rs 1,038.6, up 133% on an annual basis.