20 Sep 2020 | 10:54 PM

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COMPANYNEWS
Indian Bank Q2 net profit zoomed 138.82% at Rs 358.56 cr
  Indian Bank | 17 Jan 2020 | 10:51 AM
Published on 10-23-2019
The bank reported standalone net profit of Rs 358.56 crore for the quarter ended September 30 2019 as compared to Rs 150.14 crore in the same period last year registering a year-on-year growth of 138.82 per cent.


Interest income of the bank rose by 12.91 per cent at Rs 5307.67 crore for the quarter ended September 30 2019 as against Rs 4700.85 crore in the corresponding period last year.


During the July-September quarter total income rose moderately by 17.86 per cent to Rs 6045.32 crore from Rs 5129.17 crore in the year ago period.


Meanwhile operating expenses increased by 15.37 per cent to Rs 4543.55 crore from Rs 3938.12 crore in the same period last year.


Operating profit surged 26.09 per cent to Rs 1501.77 crore from Rs. 1191.05 crore.


Provisions and Contingencies slipped by 9.46 per cent at Rs 909.37 crore from Rs 1004.34 crore a year ago.


NII the difference between interest earned on loans and interest paid on deposits increased by 7.63 per cent at Rs 1863.04 crore versus Rs 1730.93 crore in the year ago period. Non-interest income rose 72.22 per cent year-on-year to Rs 737.65 crore.


On the asset side gross non- performing assets (NPAs) rose to 7.20 per cent of the gross advances as at the end of September 30 2019 from a level of 7.16 per cent year earlier. Its net NPAs or bad loans too declined to 3.54 per cent of net advances on September 30 2019 from 4.23 per cent a year ago.