Indian Bank on Thursday reported a net profit of RsĀ 3,018 crore for the quarter ended September 30, an increase of 11.5 per cent over the corresponding period a year ago.
According to Zee Business research, the PSU bank was estimated to register a net profit of Rs 2,940 crore for the quarter.Ā
Its net interest income — or the difference between earned and interest paid — stood at Rs 6,552 crore, higher than Rs 6,194 crore a year ago, according to a regulatory filing.Ā Ā
The bank’s asset quality improved as gross non-performing assets (NPAs) — or bad loans — as a percentage of total assets decreased toĀ 2.60 per cent in the September quarter from 3.01 per cent in the previous three months.Ā
Net non-performing assets came in atĀ 0.16 per cent, as against 0.18 per cent in the June quarter.Ā
Indian Bank’s provisions eased 32.8 per cent on a year-on-year basis to Rs 739 crore, according to the filing.Ā
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