Indian Bank Q3 net profit climbs 34%

Indian Bank on Monday reported a 34% rise in standalone net profit for the quarter ended December to ₹690 crore on higher income and cash recovery.“The need of the hour is to focus on consistent grow

Indian Bank on Monday reported a 34% rise in standalone net profit for the quarter ended December to ₹690 crore on higher income and cash recovery.

“The need of the hour is to focus on consistent growth in business and enhanced income stream,” said Shanti Lal Jain, MD and CEO. “With increasing income, we hope to post credit growth of 8%.” Non-interest income rose 36% to ₹1,556 crore, supported by fee income growth of 11%, forex income of 32%, priority sector lending certificate commission of 47% and bad debts recovery of 111% (₹278 crore).

Net interest income grew 2% to ₹4,395 crore, while net interest margin (domestic) dipped to 3.03% from 3.13%. The bank also made cash recovery of ₹1,096 crore (₹744 crore).The gross non-performing assets (NPA) ratio rose to 9.13% from 9.04% while the net NPA ratio rose to 2.72% from 2.35%. Provisions and contingencies were higher by ₹432 crore at ₹2,493 crore.