Indian Bank Q2 standalone net up 36% to ₹2,707 cr.
The Hindu
Indian Bank's Q2 net profit up 36% to ₹2,707 crore, driven by increased interest income and improved asset quality.
Indian Bank’s reported standalone net profit for the quarter ended September rose 36% to ₹2,707 crore from the year-earlier period due to increase in interest and net interest income and improvement in asset quality.
Interest income rose by 12% to ₹15,348 crore. Other income climbed to ₹2,422 crore from ₹1,993 crore. Net interest income rose by 8% to ₹6,194 crore and fee-based income grew by 11% to ₹891 crore.
Gross non performing asset (GNPA) declined to 3.48% from 4.97%, while net NPA was down to 0.27% against 0.60%. Provision coverage ratio improved to 97.60% from 95.64%.
Total recovery was ₹2,021 crore, while fresh slippages was ₹1,357 crore. Capital adequacy of the bank rose to 16.55% from 15.53%.
Total business increased to ₹12.44 lakh crore from ₹11.33 lakh crore, of which total deposits accounted for ₹6.93 lakh crore. Current account savings account for ₹2.69 lakh crore.
“Our focus is to deliver value-added and customised solutions through the acumen of empowered employees and smart use of technology to cater the needs of the customers,” said MD & CEO S.L. Jain.
Through a combination of cutting edge technology and personalised service, we aim to simplify banking, making it more accessible, convenient and secure for everyone. To garner low cost deposits, the bank has set-up liability verticals in major cities, he said.
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