Indian Bank has reported a 5% growth in its net profit to R277.52 crore for the quarter ended December, compared to R264.50 crore in the same quarter last fiscal.
The operating profit during the quarter grew 26% to R795 crore against R632 crore in the same period last fiscal, according to a press release on Monday.
Total income grew 5% to R4,321.46 crore in the third quarter against R4,112.33 crore in the year-ago period. Interest on advances grew 5% to R3,027 crore (R2,875 crore) and other income grew 47.48% to R358 crore (R243 crore) in the quarter.
Cash deposits, excluding high-cost deposits, registered a growth of 12%. The cost of deposits came down to 7.1% from 7.21% in the same quarter last fiscal.
According to CMD TM Bhasin, provisioning and taxes were higher during the quarter compared to the same quarter of previous year. Together, they stood at R517 crore for the third quarter compared to R367 crore during the same period last year. The provision for NPAs was around R330 crore, while it was around R150 crore during the same quarter last year, he added.
The bank’s gross NPA increased to 4.62% from 3.42%, i.e, to R5,461.05 crore in December quarter from R3,834.78 crore in the same quarter last year and net NPA rose to R3,236.14 crore from R2,483.60 crore (from 2.26% to 2.74%).