Indian Bank dips post Q4 earnings
Q4 profit down 15% yoy at Rs 292 crore mainly due to higher staff cost.
Indian Bank has dipped 3% to Rs 151 after reporting 15.4% year-on-year (yoy) drop in net profit at Rs 292 crore for the quarter ended March 31, 2013 (Q4) due to higher employee cost and lower growth recorded by corporate and retail banking segments. The state-owned bank had profit of Rs 345 crore in a year ago quarter.
The bank’s net interest income (interest income minus interest expanded) grew marginally by 2.2% to Rs 1,107 crore on yoy basis. The staff cost has been more-than-doubled at Rs 781 crore against Rs 386 crore in the corresponding quarter of previous year.
On the asset quality front, gross non performing assets (NPA) increased to 3.33% from 2.03% and net NPA to 2.26% from 1.33%, however provisioning expenses declined by 15% at Rs 476 crore on yoy basis.
The stock opened at Rs 158 and hit a high of Rs 161 on NSE before the announcement of results. A combined 1.13 million shares changed hands on the counter till noon deals on NSE and BSE.
The bank’s net interest income (interest income minus interest expanded) grew marginally by 2.2% to Rs 1,107 crore on yoy basis. The staff cost has been more-than-doubled at Rs 781 crore against Rs 386 crore in the corresponding quarter of previous year.
On the asset quality front, gross non performing assets (NPA) increased to 3.33% from 2.03% and net NPA to 2.26% from 1.33%, however provisioning expenses declined by 15% at Rs 476 crore on yoy basis.
The stock opened at Rs 158 and hit a high of Rs 161 on NSE before the announcement of results. A combined 1.13 million shares changed hands on the counter till noon deals on NSE and BSE.