Indian Bank Q1 net profit jumps 43% to Rs 307 cr

Public sector lender Indian Bank has reported a 42.77 per cent rise in net profit to Rs 307.36 crore for the first quarter ending June 30.
The Chennai-based bank had a standalone net profit of Rs 215.28 crore in April-June quarter of the previous fiscal.
Total income rose to Rs 4,512.96 crore during the quarter from Rs 4,494.53 crore in the same period of the previous fiscal, Indian Bank Managing Director and CEO Mahesh Kumar Jain said.
"The bank has performed well in areas like Capital Adequacy Ratio and asset quality. We are well capitalised. Our net profit has increased by 42.77 per cent over same quarter of last year," he told reporters.

Net non-performing assets (NPA) rose to 4.48 per cent at the end of June 2016, from 2.62 per cent last year.
The bank's provisioning increased to Rs 416 crore in the first quarter of the current fiscal, from Rs 408 crore in the same period last year.

"Our net interest margin increased 2.47 per cent for the quarter ending June 30, from 2.36 per cent over the same period of last year," he said.
"Capital Adequacy Ratio as per Basel III is at 13.98 per cent as on June 30, 2016, of which tier I capital stood at 12.76 per cent," he said.

On the overall outlook for the coming quarters, he said: "We are looking at a growth of 11 per cent this financial year.