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Indian Bank Q2 profit dips 38 per cent to Rs 306 crore

Indian Bank Q2 profit dips 38 per cent to Rs 306 crore

Gross non-performing assets, or bad loans, rose to 3.76 per cent of total advances during the quarter from 2.06 per cent a year earlier.

PTI
  • New Delhi,
  • Updated Nov 8, 2013 4:51 PM IST
Indian Bank Q2 profit dips 38 per cent to Rs 306 crore
Indian Bank has reported a 38.4 per cent decline in net profit at Rs 305.76 crore for the second quarter ended September 30.

The city-based public sector bank had reported net profit at Rs 496.68 crore during the corresponding period of the previous year, Indian Bank Chairman and Managing Director TM Bhasin said.

The net profit for the first six months of this financial year ended September 30, 2013 also dipped by 34.9 per cent to Rs 623.15 crore from Rs 958.42 crore registered during the same period of the previous year.

For the year ending March 31, 2013, net profits stood at Rs 1,581.13 crore, it said.

Total income for the second quarter ending September 30 rose to Rs 4,078.24 crore from Rs 3,773.75 crore registered during the corresponding period of the previous year.

For the half-year ending Septemebr 30 total income grew to Rs 8,273.71 crore from Rs 7,370.26 crore registered during the same period of the previous year.

For the year ending March 31, 2013 total income stood at Rs 15,179.41 crore, he said.

"There was Rs 314 crore profit on investment in Q2 of the previous year. Since the market is not conducive for us to book profits we have not liquidated any of our investments.So that had the impact in net profits of this quarter", Bhasin said to a query.

He said the global business for the half-year ending September 2013, grew to 16.1 per cent to Rs 2,63,758 crore.

Total deposits stood at Rs 1,52,687 crore up by 16.4 per cent, while gross advances rose by 15.8 per cent to Rs 1,11,071 crore.

Gross NPA as on September 30, 2013 stood at 3.76 per cent, while net NPA stood at 2.56 per cent, he said.

Indian Bank shares closed at Rs 96, down 3.57 per cent, from their previous close on BSE.

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Published on: Nov 8, 2013 4:24 PM IST
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