The shares of Indian Bank surged close to 11% in today's trade after the state-run bank reported its financial results for the quarter ending September. The company's net profit grew by 11.45% at Rs. 451.54 crore while its bad loans declined even as provisioning increased.
In a regulatory filing the bank said that its total income for the quarter under review for the FY 18 increased to 4,874.16 crore as against 4,579.01 crore in the corresponding period last year.
Kishor Karat, MD and CEO, Indian Bank said that the bank has brought down stressed assets across sectors. The bank took control of its stressed assets or net NPA in the first quarter of FY 17-18 which stood at 5,238 crore lower by 4% in comparison to a year ago period.
The scrip opened the day in trade higher at Rs. 350 as against Friday's closing price of Rs. 347.20. A total of 7.79 lakh shares of the bank exchanged hands on the BSE. At 2:43 pm, the scrip of the company traded higher by 8.87% at Rs. 378 on the BSE.
With Inputs From PTI