Indian Bank Q3 profit more than doubles to Rs 514 crore

Updated : January 22, 2021 03:39 PM IST

State-owned Indian Bank on Friday reported more than doubling of its profit at Rs 514.28 crore for the third quarter ended December 2020. The bank’s profit in the year-ago period stood at Rs 247.16 crore.

Total income during the quarter under review was Rs 11,421.34 crore, up from Rs 6,505.62 crore in the same period a year ago, Indian Bank said in a regulatory filing. However, the bank’s gross non-performing assets (NPAs) as a percentage of assets rose to 9.04 percent during October-December 2020-21 from 7.20 percent in the year-ago period.

The percentage of net NPA was lower at 2.35 percent as against 3.50 percent. The bank further said it had made provisioning of Rs 2,314.35 crore towards bad loans and contingencies as against Rs 1,529.26 crore in the same quarter a year ago.

During the quarter ended December 31, 2020, the bank raised additional tier-1 capital in three tranches aggregating to Rs 2,000 crore through private placement of Basel III compliant AT 1 Perpetual Bonds. The non-performing loan provision coverage ratio is 86.51 percent as of December 2020, it said.

Published : January 22, 2021 03:39 PM IST

Indian Bank Q3 profit more than doubles to Rs 514 crore

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