Indian Bank Q1 net profit jumps to ₹1,182 crore

Lender reaping synergy benefits: MD

Public sector lender Indian Bank reported standalone net profit for the first quarter of FY22 more than tripled to ₹1,182 crore, from ₹369 crore a year earlier. “After successfully completing the amalgamation with Allahabad Bank during the previous year, the bank is now reaping the synergy benefits,” said Padmaja Chunduru, MD & CEO, Indian Bank. “With the vaccination programme picking up and the economy expected to open up in the coming quarter, the bank is well positioned to leverage the growth opportunities,” she added. “I think this performance [net profit of ₹1,000 crore per quarter] can be sustained. The lending to corporate was muted in the first quarter due to COVID-19. We are expecting higher advances to corporates as we have backlog of ₹20,000 crore to be disbursed in the next two quarters,” Ms. Chunduru said.