Indian Bank's Q3 profit up by 672% at Rs 373.48 cr

PoS & e-commerce transactions increased to 2.5 lakh from 70,000 in a day

Indian Bank has reported a 671.65 per cent growth in profit at Rs 373.48 crore during the quarter that ended in December as compared to Rs 48.4 crore in the same period last year.

Total income has increased from Rs 4,444.58 crore in the third quarter in 2015 to Rs 4,557.25 crore in the corresponding period this year.

The bank's gross NPA to gross advances ratio stood at 7.69 per cent in December as against 5.61 per cent during the same period last year. Net NPAs to net advances ratio stood at 4.76 per cent as against 3.17 per cent in the corresponding period in 2015.

Provision coverage ratio(PCR) stood at 56.46 per cent on December-end as against 55.11 per cent as in September this year.

Post demonetisation, the bank's request for new debits cards increased from a monthly average of 2.5 lakh to 13.30 lakh in less than two months.

Point of Sale (PoS) and e-commerce transactions increased to 2.5 lakh from 70,000 in a day. Net banking registration rose by 6.4 per cent, while mobile banking registration rose by 19.2 per cent, said Jain.

He added, Bank's Capital Adequacy Ratio (CRAR) as per Basel III was 13.89 per cent as on December of which, Tier I capital stood at 12.24 per cent.

CASA deposits (domestic) grew by 33.47 per cent to Rs 69,003 crore as on December from Rs 51,698 crore, a year ago. The share of CASA deposits (domestic) reached a level of 38.71 per cent from 30.71 per cent in the corresponding period in 2015.