Chennai-based public sector lender Indian Bank has reported a 18.48% rise in its net profit at Rs 405.13 crore for the second quarter as against Rs 341.92 crore in the corresponding quarter last fiscal. The bank’s total income grew marginally to Rs 4,579.01 crore in Q2 as compared to Rs 4,551.26 crore.
Gross NPAs to gross advances ratio stood at 7.28% as on September 30 as against 6.97% of the previous quarter. Net NPAs to net advances ratio was at 4.62% as on September 30, 2016 as against 4.48% of June ended quarter. The provision coverage ratio stood at 55.11% as on September 30, 2016 as against 53.89% as on June 30, 2016. Mahesh Kumar Jain, MD & CEO, said the net interest income was at R1278.26 crore for Q2 recording a growth of 18.32%.