||Indian Bank Q1 results: Net profit rises by 13.5%; Net NPA declines to 1.04%
The Chennai based Indian Bank declared its quarter 1 results, according to which the bank has recorded a hike in net profits of 13.5 percent. Currently, its profits stand at Rs. 462 crore, a rise from Rs. 407 crore, earned during the same period last year. Its net interest income also increased to Rs. 1153 crore, an increase of 12 percent.
The public sector bank reported a decrease in its gross and net Non- Performing Assets (NPA). Its Gross NPA was reported at 1.66 percent (Rs. 1553 crore), falling from 2.03 percent (Rs.1851 crore) recorded the same quarter last year. The bank's Net NPA was down to 1.04 percent, standing at Rs. 963 crore, as compared to 1.33 percent recorded at the end of fiscal year 2011-12.
On the release of the bank's Q1 results, the Chairman and Managing Director of Indian Bank, Mr. T.M. Bhasin, said that the fall in NPAs is due to cash recoveries and upgrading of NPA accounts carried out in the said quarter. He further added that NPA recoveries will continue in the current quarter.
On the bank's plans for the current quarter, he said, "Our focus for the current year will be NPA management and retail banking."
Source : rupeetimes.com