Indian Bank Q2 Net Profit Declines 67%; Scrip Plunges Over 12%

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Indian Bank today reported 67% YoY decline in net profit to Rs. 150 crore for the quarter ended September. In the same quarter a year ago, the public sector bank reported a net profit of Rs 451.5 crore.

    Indian Bank Q2 Net Profit Declines 67%; Scrip Plunges Over 12%
     

    NII or net interest income that is the difference between interest earnings and interest expended grew YoY by 12.1% to Rs. 1730.9 crore during Q2Y19. In the corresponding period last year, NII stood at Rs 1,544 crore.

    Operating profit for the quarter also came in lower at Rs. 1191 crore.

    Contingencies and provisions at the bank also increased YoY by 34.9% to Rs. 1004.3 crore during the period under review versus Rs. 744.50 crore in the same quarter last year.

    Gross NPAs at the lender increased marginally from 7.16% to 7.20% on a quarter on quarter basis. In the corresponding quarter last year, percentage of gross non-performing assets stood at 6.67%.

    The percentage of net NPAs also came in higher at 4.23% during July-September quarter in comparison to 3.79% in Q1FY19. In the same quarter last year, Net NPAs came in at 3.41%.

    Scrip of Indian bank fell as much as 6.56% after the results were announced. The shares of the lender were last quoting 11.01% down at Rs. 233.25 on the BSE.

    Goodreturns.in

    Read more about: indian bank earnings
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more