Indian Bank Q1 profit rises 75 per cent on fall in fresh slippages

Declaring the financial performance, CEO Padmaja Chunduru said that the bank had posted strong results 'because of arresting fresh slippages and increasing recovery.'

Published: 06th August 2019 10:19 AM  |   Last Updated: 06th August 2019 10:19 AM   |  A+A-

Indian Bank

For representational purposes (File | EPS)

By Express News Service

NEW DELHI: State-run Indian Bank on Monday announced 74.55 per cent rise in net profit for the April-June quarter of this fiscal at Rs 365.37 crore. The Chennai-based bank had recorded a profit of Rs 209.31 crore during the same quarter last year.

Declaring the financial performance, Indian Bank managing director and CEO Padmaja Chunduru said that the bank had posted strong results “because of arresting fresh slippages and increasing recovery. I think we are back on track,” she noted. Slippages during the quarter were Rs 1,035 crore, with the bank setting itself a target of bringing down the same to around Rs 800-900 crore in the coming quarters.

The bank’s total income for the quarter, meanwhile, stood at Rs 5,832.11 crore, up from Rs 5,131.96 crore in Q1 last year. Chunduru said there was 25 per cent growth in retail, 25 per cent in agriculture and 10 per cent in micro, small and medium enterprises segment.

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