Indian Bank shares surged as much as 8.24 per cent on Tuesday after the bank reported 42.77 per cent rise in net profit at Rs 307.36 crore for the quarter ended June 30, 2016 against Rs 215.28 crore in the corresponding quarter last year. Total income of the public sector bank grew by 0.41 per cent to Rs 4512.96 crore in April-June 2016 period against Rs 4494.54 crore in the same quarter last year.
At 1.11 pm, shares of Indian Bank were trading 8.38 per cent up at Rs 168.20. The scrip opened at Rs 155.40 and has touched a high and low of Rs 169.90 and Rs 151.60, respectively, in trade so far. Benchmark BSE Sensex was trading 51.67 points up at 28,054.79.
Net interest income of Indian Bank jumped by 10.35 per cent to Rs 123632.10 crore for the quarter under review against Rs 112033.41 crore in the same quarter last year.
Gross non-performing assets (NPA) for the April-June quarter jumped to 6.97 per cent as compared to 4.65 per cent in the same quarter of the previous year. Gross NPA was at 6.66 per cent in the sequential quarter ended March 31, 2016.
Net NPA of Indian Bank jumped to 4.48 per cent in Q1FY17 from 4.20 per cent and 2.62 per cent in Q4FY16 and Q1FY16, respectively.