 "Indian Bank hits lifetime high on strong Q4 results")
Indian Bank moved higher to its lifetime high of Rs 319, up 12% on BSE in intra-day trade after reported an over three-fold jump in net profit at Rs 320 crore for the quarter ended March 2017 (Q4FY17), on back of higher operational income. The public sector lender had profit of Rs 94 crore in year ago quarter.
Net interest income (interest earned minus interest expended) rose 22% at Rs 1,385 crore during the quarter under review against Rs 1,134 crore in the corresponding quarter of previous fiscal.
The bank’s assets quality improved sequentially, with gross non-performing assets (NPAs) stood at 7.47% of gross advances, as on March 31, 2017 compared with 7.69% in the December 2016 quarter. The net NPAs stood at 4.39% in the March quarter against 4.76% in the preceding quarter.
The board of directors of the bank proposed a dividend of Rs 6 (60%) per equity share of face value of Rs 10 each for the year 2016-17.
Post Indian Bank Q4 earnings, Vijaya Bank, Corporation Bank, Bank of India (BOI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are other state-owned banks were up between 2% and 5%.
At 1:15 pm; Indian Bank was up 9% at Rs 311 on BSE as compared to 0.71% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than 10-fold with a combined 12.06 million shares changed hands on BSE and NSE so far. The stock surpassed its previous high of Rs 317, touched on October 7, 2010.
Net interest income (interest earned minus interest expended) rose 22% at Rs 1,385 crore during the quarter under review against Rs 1,134 crore in the corresponding quarter of previous fiscal.
The bank’s assets quality improved sequentially, with gross non-performing assets (NPAs) stood at 7.47% of gross advances, as on March 31, 2017 compared with 7.69% in the December 2016 quarter. The net NPAs stood at 4.39% in the March quarter against 4.76% in the preceding quarter.
The board of directors of the bank proposed a dividend of Rs 6 (60%) per equity share of face value of Rs 10 each for the year 2016-17.
Post Indian Bank Q4 earnings, Vijaya Bank, Corporation Bank, Bank of India (BOI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are other state-owned banks were up between 2% and 5%.
At 1:15 pm; Indian Bank was up 9% at Rs 311 on BSE as compared to 0.71% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than 10-fold with a combined 12.06 million shares changed hands on BSE and NSE so far. The stock surpassed its previous high of Rs 317, touched on October 7, 2010.
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