Indian Bank shares zoom over 13 pc on Q2 results

Shares of Indian Bank on Wednesday zoomed over 13 per cent after the company reported over a two-fold rise in net profit for the September quarter.

The scrip jumped 13.23 per cent to close at Rs 142.90 on the BSE. During the day, it climbed 17.67 per cent to Rs 148.50.

On the NSE, it advanced 10.80 per cent to close at Rs 139.95.

Indian Bank on Wednesday reported over a two-fold rise in net profit at Rs 358.56 crore for the September quarter.

The state-owned lender had posted a net profit of Rs 150.1 crore in the year-ago quarter.

Total income increased to Rs 6,045.32 crore for the September quarter from Rs 5,129.16 crore in the same period last year, the bank said in a regulatory filing.

Asset quality remained stable with the gross non-performing assets (NPAs) marginally rising 7.20 per cent of the advances as on end-September 2019, as against 7.16 per cent by September 2018.