Indian Bank Q1 Profit Rises 21% To Rs 372 Crore

Public sector lender Indian Bank has reported 21.16 per cent rise in net profit to Rs 372.40 crore for the first quarter ended June 30 of the 2017-18 fiscal.

The Chennai-based bank had standalone net profit of Rs 307.35 crore in April-June quarter of 2016-17. Its total income rose to Rs 4,788.04 crore during the quarter under review, from Rs 4,512.96 crore in the year-ago period, Indian Bank said in a BSE filing.

Gross non-performing assets (NPAs) of the bank rose to 7.21 per cent, from 6.97 per cent a year ago. Net NPAs however came down to 4.05 per cent of net advances from, 4.48 per cent.

Provisions for bad loans were at Rs 681.93 crore for the June quarter of the current fiscal in comparison to Rs 327.42 crore in the same quarter a year ago.

Shares of the bank were trading 0.48 per cent up at Rs 999.50 on BSE.

(PTI)