Indian Bank Q1 profit up 1% at Rs 369 cr; income doubles to Rs 11,446.7 cr

State-owned Indian Bank on Friday reported a marginal 1 per cent rise in its standalone net profit at Rs 369.26 crore in the first quarter ended June 2020.

Its net profit stood at Rs 365.37 crore in the same period a year ago. Sequentially, the lender had posted a net loss of Rs 217.73 crore in preceding quarter ended March 2020.

Total income of the bank almost doubled to Rs 11,446.71 crore during the April-June period of 2020-21 from Rs 5,832.12 crore in the year-ago same period, Indian Bank said in a regulatory filing.

With regard to June 2019 quarter and sequential January-March 2020 period numbers, the bank said the figures are related to standalone Indian Bank financials for pre-amalgamation period, hence not comparable with post amalgamation financials for the quarter ended June 30, 2020.

Allahabad Bank was merged into Indian Bank with effect from April 1, 2020.

Asset quality of the bank witnessed worsening with the gross non-performing assets (NPAs) rising to 10.90 per cent of the gross advances as on June 30, 2020 as against 7.33 per cent by the year-ago same period.

In value terms, the gross NPAs stood at Rs 39,965.02 crore as against Rs 13,511.21 crore.

Net NPAs or bad loans on the other hand came down to 3.76 per cent from 3.84 per cent. In value terms, they were higher at Rs 12,754.74 crore as on June 30, 2020 as against Rs 6,824.24 crore by June 2019.

Bank's provisioning for bad loans and contingencies for the June quarter of FY'21 rose to Rs 2,139.12 crore from Rs 794.82 crore parked aside for the same quarter of FY'20.

Stock of Indian Bank traded at Rs 61.70 apiece on the BSE, down 2.76 per cent from the previous close.