Indian Bank reports 278% profit growth in Q4 of FY17

Total income rises to Rs 4,601.88 crore from Rs 4,512.18 crore in March quarter of previous year

Indian Bank has reported a 278.39 per cent growth in net profit for the quarter ended March 31, 2017, to Rs 319.40 crore, compared with Rs 84.49 crore in the year-ago period.
 
"The bank is planning to come out with follow-on offer. As per regulations, government must bring down its stake to 75 per cent. Currently, the government holds 82% in the bank. We will look at follow-on offer and may look at raising around Rs 1,000-1,200 crore. We should be able to do this before September-October," said Kishor Kharat, new MD & CEO of Indian Bank. He said this would help Bank's business growth.

On fourth quarter performance, he attributed the performance to increase in net interest income that rose by 22%, funds management, increase in other income by 22-25%.
 
Indian Bank’s total income rose to Rs 4,601.88 crore during the quarter from Rs 4,512.18 crore in the March quarter of the previous year.
 
On way forward, Kharat said the bank had set a target to grow its total business by 11.5-12 per cent in 2017-18.
 
The bank also set a target of bringing gross non-performing assets to less than five per cent, from 7.47 per cent and net NPA to less than three per cent from 4.39 per cent.
 
Net interest margin would be increased to three per cent from 2.6 per cent in 2017-18, said Kharat. "With sound financial ratio we are set to take the growth journey," said Kharat. His vision for the next five years yo transform the Bank from Good Bank to Great Bank.