Majority Government owned, Indian Bank reported a net profit of Rs 265 crores for the quarter ending Dec 31, 2013, as against Rs 305.76 crores in the previous quarter.
Gross non performing assets at the bank dropped from 3.76 per cent to 3.43 per cent for the quarter ending Dec 31, 2013. Markets cheered the drop in the non performing assets with the stock jumping almost 4 per cent in trade.
Net non performing assets were also down to 2.25 per cent, from 2.56 per cent in the previous quarter. Total income at the bank jumped to Rs 4112 crores. The stock was last trading at Rs 110 on the National Stock Exchange.