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Thursday, March 04, 2021

Indian Bank Q3 profit more than doubles to Rs 514 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.

By: PTI | New Delhi |
Updated: January 22, 2021 4:40:47 pm
A security guard wearing a protective mask sits at the entrance to an Indian Bank branch in a near-empty Connaught Place during a partial lockdown imposed due to the coronavirus in New Delhi, India, on Thursday, May 14, 2020. (Photographer: Prashanth Vishwanathan/Bloomberg)

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 goss non-performing assets (NPAs) as a percentage of assets rose to 9.04 per cent during October-December 2020-21 from 7.20 per cent in the year-ago period.

The percentage of net NPA was lower at 2.35 per cent as against 3.50 per cent.

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.

Non-performing loan provision coverage ratio is 86.51 per cent as on December 2020, it said.

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