Indian Bank shares fell by 4 per cent after the company reported a 59 per cent decline in net profit for the March quarter.
Indian Bank shares on Wednesday fell by 4 per cent after the company reported a 59 per cent decline in net profit for the March quarter.
The stock fell by 4 per cent to settle at Rs 90.05 on BSE. During the day, it dipped 5 per cent to Rs 89.10.
At NSE, shares of the state-owned company went down by 3.79 per cent to close at Rs 90.05.
Indian Bank on Wednesday reported a 59 per cent decline in net profit to Rs 84.49 crore for the March quarter on higher provisioning for bad loans and contingencies.
The bank had posted a net profit of Rs 206.16 crore in the January-March period of the previous fiscal.
“Total income has increased to Rs 4,513.60 crore for the quarter ended March from Rs 4,410.49 crore for the quarter a year ago,” the bank said in a regulatory filing.
Bank’s provisioning towards bad loans and contingencies rose to Rs 813.58 crore for fourth quarter as against Rs 562.57 crore a year ago.
Asset quality slipped further with gross non-performing assets (NPAs) or bad loans increasing to 6.66 per cent of gross advances as of March from 4.40 per cent a year ago.
Net NPAs grew to 4.20 per cent of net advances in the January-March period as against 2.50 per cent in the same quarter last fiscal.
For the entire fiscal, Indian Bank’s net profit fell by 29.2 per cent to Rs 711.38 crore compared with Rs 1,005.17 crore in the preceding fiscal.