Indian Bank Q1 profit slumps 44% to Rs 209 cr

By: | Updated: August 9, 2018 3:34 AM

Chennai-based public sector lender Indian Bank has reported a 43.7% decrease in its net profit at Rs 209.31 crore for the first quarter of FY19 compared to Rs 372.40 crore in the corresponding quarter last fiscal.

Indian Bank, Total income, Indian Bank Q1 profit, Q1 profit, india, marketTotal income of the bank stood at Rs 5,131.96 crore against Rs 4,788.04 crore, registering a growth of 7%. (Reuters)

Chennai-based public sector lender Indian Bank has reported a 43.7% decrease in its net profit at Rs 209.31 crore for the first quarter of FY19 compared to Rs 372.40 crore in the corresponding quarter last fiscal. Total income of the bank stood at Rs 5,131.96 crore against Rs 4,788.04 crore, registering a growth of 7%. The bank, however, has sequentially reported improvement in bottomline from the March quarter net profit of Rs 131.98 crore. On the asset quality front, gross non-performing assets were at 7.20%, down by 17 bps over March 2018 (7.37%).

Similarly, the net non-performing assets reduced to 3.79% from 3.81% sequentially, Indian Bank said in a statement. The net interest income of the bank grew 23.81% from Rs 1,460 crore to Rs 1,807 crore. Interest income grew 13.45% from Rs 4,136 crore to Rs 4,692 crore. Net interest margin grew by 35 bps from 2.79% to 3.14% while non-interest income was at Rs 439.80 crore.

The bank said its total balance sheet size grew 14.46% to Rs 25,0754 crore. Total deposits grew 9.77% from Rs 19,1462 crore to Rs 21,0170 crore. Global advances grew 22.77% to reach at Rs 1,64,381 crore, within which domestic advances grew 23.73%. CASA deposits were up by 125 bps year-on-year from 36.63% to 37.88%.

The bank said retail, agri and MSME (RAM) sector grew by Rs 18,869 crore, or 26.8%, out of which retail was at 29.2%, agriculture at 27.5% and MSME at 24.1%. The capital adequacy ratio (CAR) of the bank, as per Basel-III guidelines, stood at 12.77%. Networth increased 8.31% to Rs 16,074.61 crore while the book value per share increased to Rs 334.68 from Rs 308.99.

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