Indian Bank shares surge nearly 9% post Q2 results

Shares of Indian Bank today surged nearly 9 per cent after the company registered a rise of 11.45 per cent in net profit for the September quarter.
The stock zoomed 8.71 per cent to settle at Rs 377.45 on BSE. During the day, it soared 10.71 per cent to Rs 384.40 - its 52-week high.
At NSE, shares of the company jumped 8.66 per cent to end at Rs 377.30.
In terms of equity volume, 9.18 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
Public sector lender Indian Bank today registered a rise of 11.45 per cent in net profit at Rs 451.54 crore for the September quarter as bad loans declined although provisioning to cover for such assets was raised.

The bank had made a net profit of Rs 405.14 crore in the July-September quarter of 2016-17.
Total income of the bank increased to Rs 4,874.16 crore for the quarter under review of 2017-18, up from Rs 4,579.01 crore in the same quarter of the previous fiscal, the bank said in a regulatory filing.
The lender improved on its asset quality with the gross non-performing assets (NPAs) coming down to 6.67 per cent of the gross advances as on end-September 2017, as against 7.28 per cent by September 2016.