Indian Bank records 66.7% decline in Q2 net at Rs 1.50 bn, income up 5.23%

The total income of the bank increased by 5.23 per cent to Rs 51.29 billion during the quarter

Chennai-based public sector lender Indian Bank has posted a decline of 66.7 per cent in net profit at Rs 1.50 billion during the quarter ended September 30, 2018. Its net profit in the corresponding July-September quarter of 2017-18 stood at Rs 4.51 billion.
 

For the next few quarters, our major focus would be on arresting fresh slippages to improve the bottom line, said Padmaja Chunduru, MD & CEO, Indian Bank.

The profit was down mainly due to a drop in market investment and in the recovery of written off accounts which dropped by Rs 370 million to Rs 290 million