Indian Bank posts net profit of Rs 1,709 cr for March quarter

By: |
May 28, 2021 6:47 PM

Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20, Indian Bank said in a regulatory filing.

Indian BankProvisions and contingencies were at Rs 839 crore as against Rs 4,042 crore and operating expenses decreased by 4% to Rs 2,530 crore as against Rs 2,637 crore.

Indian Bank on Friday reported a net profit of Rs 1,708.85 crore in the March-ended quarter.

The lender had posted a net loss of Rs 217.74 crore in the same quarter of the preceding financial year 2019-20.

Sequentially, the bank had posted a net profit of Rs 514.29 crore in the December quarter of the financial year 2020-21.

The bank said figures of March 31, 2020, are related to standalone Indian Bank financing for the pre-amalgamation period, hence not comparable with the post amalgamation financials of December 2020 and March 2021.

The erstwhile Allahabad Bank was amalgamated into Indian bank with effect from April 1, 2020.

Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20, Indian Bank said in a regulatory filing.

For the full year of the financial year 2020-21, the net profit of the bank was recorded at Rs 3,004.68 crore. In the previous financial year, the bank had a total income of Rs 753.36 crore. The total income for the year was Rs 45,185.04 crore. Income in the preceding fiscal was at Rs 24,717.43 crore.

On the asset quality front, the bank’s gross non-performing assets (NPAs) or the bad loans stood at 9.85 per cent of the gross advances by end of March 31, 2021. It was 6.87 per cent by March 2020.

In value terms, the gross NPAs of the bank stood at Rs 38,455.35 crore as against Rs 14,150.84 crore.

Net NPAs too rose at 3.37 per cent (Rs 12,271.13 crore) from 3.13 per cent (Rs 6,184.24 crore).

The bank made provisions for bad loans and contingencies worth Rs 1,752.48 crore for the March 2021 quarter. In the year-ago period, it was Rs 1,891.86 crore.

The board of directors of the bank has recommended a dividend of Rs 2 per equity share for the financial year 2020-21, the bank said.

Indian Bank stock closed 1.13 per cent up at Rs 142.60 apiece on the BSE.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1ICICI Bank posts record high quarterly profit of Rs 5,511 crore
2Federal Bank net profit surges 50%, asset quality improves
3Must address systemic risk arising out of growing NBFCs: RBI deputy governor M Rajeshwar Rao