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Indian Bank Q2 Profit More Than Doubles

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On Wednesday, Indian Bank reported a 139 percent increase in its net profit to Rs 358.56 crore for the second quarter of 2019-20 from Rs 150.14 crore a year ago.

Indian Bank Q2 Profit More Than Doubles
Indian Bank: Quotes, News
BSE 121.85BSE Quote1.85 (-1.52%)
NSE 121.90NSE Quote1.6 (-1.31%)
 

The bank also showed an improvement in its asset quality from the previous quarter. Its percentage of gross non-performing assets (NPAs) for the September-ended quarter stood at 7.20 percent as against 7.33 percent in June while percentage of net NPAs was at 3.54 percent when compared to 3.84 percent in the previous quarter.

The lender's net interest income was up by 7.63 percent on a year-on-year basis to Rs 1,863 crore in the second quarter.

Provisions and contingencies for the quarter under review was Rs 909.36 crore as against Rs 1,004.33 crore for the same period of the previous year.

Pre-provision operating profit for the July-September period was 26 percent higher at Rs 1,501.8 crore from last year.

Shares of Indian Bank jumped 13.14 percent to close at Rs 142.90 apiece on NSE on Wednesday.

Read more about: indian bank
Story first published: Wednesday, October 23, 2019, 16:25 [IST]
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