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Business Economy


Indian Bank Q2 Net falls by 66.75 per cent to Rs 150.14 crore

Indian Bank Q2 Net falls by 66.75 per cent to Rs 150.14 crore

Mumbai, Nov 9 (UNI) Public sector lender Indian Bank reported a drop of 66.75 per cent in it's net profit for the quarter ended Sep 30, 2018 at Rs 150.14 crore as against Rs.451.54 crores for the period ended Sep 30, 2017.

However, Total income for the quarer ended Sep rose by 5.23 percent to Rs 5,129.16 crores as compared to Rs 4,874.16 crores during the period ended Sep30, 2017, Bank said in filing with BSE.

Net NPAs, too increased to 4.23 per cent of net advances at the end of second quarter of this fiscal from 3.41 per cent in the year-ago period. Provisioning for bad loans and contingencies was raised to Rs 1,004.3 crore for the Jul-Sep quarter from Rs 744.55 crore in the same period a year earlier.

Provisioning for bad loans alone stood at Rs 752.47 crore against Rs 633.36 crore for the quarter ended Sep 30, 2017. Provision coverage ratio stood at 60.82 per cent as on Sep 30, 2018.

UNI JS 1516

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