Indian Bank's Q4 net profit slides 24%

Public sector lender Indian Bank has reported a 24 per cent decline in net profit at Rs 206.15 crore for the March quarter, a top official said today.
The Chennai-based bank registered net profit of Rs 271.28 crore during the same period of the previous year.
For the entire financial year, the profit slipped 13.2 per cent to Rs 1,005.17 crore, from Rs 1,158.94 crore in the year-ago period.
Managing Director and Chief Executive Officer T M Bhasin said the income tax provisioning has come down to Rs 40 crore for the quarter under review, from around Rs 100 crore a year ago.

"Around Rs 70 crore has got affected in our net profit for the fourth quarter," he told reporters here.
Total income for the January-March quarter 2015 jumped to Rs 4,410.48 crore, from Rs 4,234.83 crore in the same period of the previous year.

For the full year, total income grew to Rs 17,216.29 crore, from Rs 16,620.88 crore a year earlier.
During the March quarter, bank's net non-performing assets (NPAs) or bad loans inched up to 2.5 per cent of the net advances as against 2.26 per cent in the year-ago period.
Gross NPAs, too, grew to 4.4 per cent of the gross loans, up from 3.67 per cent in the same period of the previous fiscal.

However, the bank's bad loan provisioning was down at Rs 562.57 crore in the fourth quarter as against Rs 593.92 crore in the corresponding quarter of 2013-14.
Bhasin said the Board has recommended a payment dividend of Rs 4.20 (42 per cent) per share with face value of Rs 10 each for 2014-15.
The scrip was trading at Rs 160.10 on BSE in afternoon trade, up 3.36 per cent, from its previous close.