Indian Bank spurts after decent Q2 numbers

Indian Bank surged 9.45% to Rs 380 at 15:29 IST on BSE after net profit rose 11.45% to Rs 451.54 crore on 6.44% growth in total income to Rs 4874.16 crore in Q2 September 2017 over Q2 September 2016.

The result was announced during market hours today, 6 November 2017.

Meanwhile, the S&P BSE Sensex was down 0.85 point at 33,684.71.

On the BSE, 9.18 lakh shares were traded on the counter so far as against average daily volumes of 1.03 lakh shares in the past one quarter. The stock had hit a high of Rs 384.40 so far during the day, which is a record high. The stock hit a low of Rs 348.30 so far during the day. The stock had hit a 52-week low of Rs 190.30 on 9 November 2016.

The stock had outperformed the market over the past one month till 3 November 2017, advancing 32.24% compared with the Sensex's 6.95% rise. The stock had also outperformed the market over the past one quarter, gaining 16.24% as against the Sensex's 4.49% rise. The scrip had also outperformed the market over the past one year, advancing 64.24% as against the Sensex's 22.8% rise.

The large-cap bank has equity capital of Rs 480.29 crore. Face value per share is Rs 10.

The bank's gross non-performing assets (NPAs) stood at Rs 9623.94 crore as on 30 September 2017 as against Rs 9653.01 crore as on 30 June 2017 and Rs 9192.07 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 6.67% as on 30 September 2017 as against 7.21% as on 30 June 2017 and 7.28% as on 30 September 2016. The ratio of net NPAs to net advances stood at 3.41% as on 30 September 2017 as against 4.05% as on 30 June 2017 and 4.62% as on 30 September 2016.

The bank's provisions and contingencies surged 55.67% to Rs 744.55 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 82.11% stake in Indian Bank as per the shareholding pattern as on 30 September 2017.

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