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.
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.