Indian Bank surges over 10% post June quarter results

The stock surged 12% to Rs 174, also its 52-week high on the BSE, after reporting 43% YoY jump in profit at Rs 307 cr in Q1FY17.

Indian Bank has surged 12% to Rs 174, also its 52-week high on the BSE in intra-day trade, after reporting 43% year on year (YoY) jump in net profit at Rs 307 crore for the quarter ended June 30, 2016 (Q1FY17). The public sector bank had registered a profit of Rs 215 crore in the year-ago quarter.

Net interest income ( interest earned minus interest expended) during the quarter under review was up 10% YoY at Rs 1,236 crore against Rs 1,120 crore in the corresponding quarter of previous fiscal.

The bank’s gross non-performing assets (NPA) as a percentage of gross advances stood at 6.97% against 6.6% and net NPA at 4.48% against 4.20% on sequential basis.

The non performing loan provisioning coverage ratio is 53.89% as on June 30, 2016. It was 53.37% as of March 31, 2016.

At 01:38 pm, the stock was up 10% at Rs 170 on BSE on back of heavy volumes. A combined 4.41 million equity shares changed hands on the counter so far against an average sub 400,000 shares that were traded daily in past two weeks on the BSE and NSE.