CHENNAI: Indian Bank on Friday reported a 21.16 per cent jump in net profit for the quarter ended June 30, 2017, recording a profit of Rs 372.41crore. According to the Bank’s managing director and CEO Kishor Kharat, the growth is due to a steady rise in the net interest income.
The bank, he pointed out, had improved its performance in the quarter both quantitatively and qualitatively. “We were on one hand able to cut costs and on the other could register substantial increase in incomes,” he said.
Net interest income (NII), rose 1.87 per cent to Rs 1,259.48 crore. Non-interest income—which includes fees and commissions, and treasury income—jumped 47.63 per cent to Rs 652.07 crore.
The bank also reined in NPAs, with Gross NPAs standing at 7.21 per cent, falling from 7.47 per cent during the last quarter of the previous fiscal.