Friday, Mar 29 2024 | Time 20:34 Hrs(IST)
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Business Economy


Indian Bank business crosses Rs 40 billion in Q3 of FY 19-20

Bengaluru, Jan 24 (UNI) The Board of Directors of the Indian Bank approved the Balance Sheet and Profit & Loss for the Third Quarter of 2019-20 (Q3 FY20) and for the Nine months period ended December 31, 2019 (April-December FY20), at their meeting held on Friday in Chennai.
The Bank’s Operating profit registered a robust growth of 67 per cent, touching Rs 1,919 crore for the Q3 FY20 as against Rs 1,147 crore for the corresponding period of the previous year. For the nine months period ended December 31, 2019 (NME FY20), Operating profit grew by 32 per cent and was Rs 4,795 crore as against Rs 3635 crore for the nine months period ended December 31, 2018 (NME FY19).
The Net profit at Rs 247 crore for Q3 FY20 as against Rs.152 crore for Q3 FY19 was up by 62 pc mainly on account of robust growth of 133 pc in other income (including interest on IT refund). For the nine months period ended December 31, 2019, Net profit grew by 90 pc and was Rs 971crore as against Rs 512 crore for the corresponding period ended December 31, 2018.
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