Public sector lender Indian Bank has posted a 2.8% increase in net profit to Rs 314.33 crore for the quarter ended September 30, up from the Rs 305.76 crore in the same quarter previous fiscal. Total income increased to Rs 4,340.32 crore from Rs 4078.24 crore, growth of 6.43%.
At Rs 6,003.41 crore, the bank’s gross-non performing assets (NPAs) increased to 4.21% during the quarter compared to 3.76% in the second quarter of the previous year. Net NPA, however, stood at 2.55% compared to 2.58%.
Speaking to reporters after releasing the earnings performance, TM Bhasin, CMD, Indian Bank, said the marginal rise in the bottlomline was because of an increase in operating profit, a Rs 66- crore recovery from technical return of accounts and Rs 50-crore earnings from forex.
Though the bank could contain its NPAs, it remains a priority area, which would be tackled seriously.