Indian Bank Q1 net profit jumps 52.40% to Rs 331.66 crore

Indian Bank Q1 net profit jumps 52.40% to Rs 331.66 croreIndian Bank, headquartered in Chennai, on Thursday announced that its net profit for the first quarter of the current financial year jumped 52.40% to Rs 331.66 crore.

Mr. M S Sundara Rajan, Chairman of Indian Bank, announced that the bank had accounted a net profit of Rs 217.62 crore in the same period last year.

Bank’s total revenue grew to Rs 2,230.39 crore from Rs 1,744.99 crore reported in the same period of the last fiscal.

The bank accomplished an NPA (Non-Performing Asset) recovery of Rs 219 crore, up from Rs 114 crore in the same quarter last fiscal.

The net NPA of the bank was Rs 205.89 crore as on June 30, 0.40% of net gains.

The growth in net NPA from 0.17% in the same quarter last fiscal was due to the execution of RBI (Reserve Bank of India) guidelines concerning floating provision held.

The retail advances rose to Rs 10,004 crore in this quarter from Rs 8,258 crore in same time period last fiscal, which showed a growth of 21.14%.

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