Indian Bank on Monday posted a 74.55 per cent jump in its net profits for the April-June quarter, at Rs 365.37 crore, on lower provisioning and higher income.
The bank had recorded net profits at Rs 209.31 crore during the corresponding quarter the previous year. The total income grew by 13.6 per cent to Rs 5,832.12 crore during the quarter, as against Rs 5,131.97 crore last year. During the quarter, there was a progressive reduction in accretion of fresh NPAs to Rs 1,035 crore as against Rs 1,391 crore
a year ago period.
The Bank was able to bring down the slippages during the quarter, which helped to reduce the provisioning, said Padmaja Chunduru, MD & CEO, Indian Bank. Besides, there was also an increase in other income to Rs 694.54 crore during the quarter, as against Rs 439.80 crore during same period last year, which helped to show a higher net profit growth.