CHENNAI: Chennai-based public-sector lender Indian Bank has posted a robust 11.45 per cent increase in profit at Rs 451.54 crore for the July-September 2017 quarter, driven by better asset quality. The bank had posted a profit of Rs 405.15 crore in the year-ago quarter.
Gross non-performing assets declined to 6.67 per cent of gross advances as on September 30, 2017, from 7.28 per cent a year ago. Net bad loans, too, came down from 4.62 per cent as on September 30, 2016 to 3.41 per cent of net advances as on September 30, 2017.
“Net non-performing assets as on June 30, 2017, was 4.05 per cent,” the bank said in a statement on Monday.
Net interest income (interest income less interest expenditure) shot up 20.76 per cent for the quarter ended September 30, 2017 and touched Rs 1,543.67 crore from Rs 1,278.26 crore a year ago.
It added that net interest margin (domestic) grew 22 basis points to touch 2.92 per cent for the quarter ended September 30, 2017 against 2.7 per cent for the corresponding year-ago quarter.
The bank’s non-interest revenue soared 22.23 per cent to Rs 714.59 crore for the quarter ended September 30, 2017.