Indian Bank on Friday posted a growth of 74.8 per cent in Profit Before Tax (PBT) at Rs 390.35 crore during the quarter ended December 2019, as compared to Rs 223.36 crore during the same period last year. The total income grew 23.4 per cent to Rs 6504.46 crore during the quarter, against Rs 5269.74 crore in Q3 FY19.
Padmaja Chunduru, MD & CEO, Indian Bank said that parameters have improved and the quarter witnessed a peculiar growth. Despite one big account turning NPA, the Bank managed to report good numbers, she said.
The performance was in line with expectations, Padmaja added.
Gross Non-Performing Assets (GNPA) as a percentage of gross advances have come down to 7.21 per cent during the quarter, from 7.48 per cent in the corresponding quarter last year. Meanwhile, net NPA also came down to 3.50 per cent compared to 4.42 per cent in the same quarter of FY19.
Indian Bank third quarter provisions for NPA remained at Rs 1,702.4 crore as against Rs 720.9 crore (QoQ).
The Bank has received Cntre’s "in-principle" approval from Alternative Mechanism for the proposed amalgamation with Allahabad Bank.
The Bank has provided Rs 1,004 crore for divergence in provisioning and also re-classified three standard accounts amounting to Rs 184 crore as fresh NPA, as pointed out by RBI as part of RBS exercise for the year ended March 2019.
During the second quarter of the current financial year, the bank received Rs 2,534 crore from the Centre towards preferential allotment of equity shares and has executed the allotment.
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