CHENNAI: Chennai-based public sector lender Indian Bank on Tuesday reported an over three-fold increase in its standalone net profit for the quarter ended March, finishing financial year 2016-17 on a high note. As per figures released, the bank’s net profit stood at Rs 319.70 crore for the quarter compared to just Rs 93.62 crore during the corresponding quarter of 2015-16.
While the bank’s total income also increased marginally during the quarter to Rs 4,601.89 crore against Rs 4,522.73 crore last year, MD and CEO, Kishor Kharat, pointed out that net interest income alone had risen by 22 per cent, while other income had increased by more than 22 per cent.
However, while the bank’s gross and net performing assets stood at 7.47 per cent and 4.39 per cent, Kharat said that the bank is looking to reduce these to 5 per cent and 3 per cent going forward.