Chennai-based public sector lender Indian Bank 's first quarter (April-June) net profit rose nearly 14% year-on-year to Rs 462 crore, driven by higher interest income and lower provisioning against bad loans. Net interest income (NII) or the difference between interest earned and paid out, increased by 12% to Rs 1,153 crore.
The bank has improved its asset quality quarter on quarter basis. Its gross non-performing asset (NPA) ratio dropped to 1.66% as compared with 2.03% in the Jan-March quarter. Net NPA ratio too fell from 1.33% to 1.04% during the same period.
Provisions and contingencies (other than tax) stood at Rs 146 crore as against Rs 177 crore, recorded in the corresponding quarter of the previous year.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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