CHENNAI: Public sector Indian Bank on Thursday said the bank reported standalone net profit of Rs 1,089.17 crore for the quarter ending September 30, 2021, as against Rs 412.28 crore during the same period last year.
The city-headquartered bank's standalone net profit for the six-month period ending September 30, 2021 grew to Rs 2,270.83 crore from Rs 781.54 crore registered a year ago.
The standalone total income for the quarter under review stood at Rs 11,440.41 crore as against Rs 11,615.90 crore in the corresponding quarter previous year.
For the half year ending September 30, 2021, the total income grew to Rs 22,884.69 crore from Rs 23,103.01 crore in the same period last fiscal.
In a statement, the bank said the mantra of the bank is 'Customer-Centric Digitisation and Increased Earnings'.
Focus areas continue to be on improving CASA, quality advances, increase in fee-based income, improving collection efficiency, recovery of NPAs and digitisation.
Advances grew by five per cent to Rs 3,85,730 crore during the quarter from Rs 3,65,896 crore a year ago primarily driven by the growth in RAM sector (13 per cent) of which growth was in retail 14 per cent, agriculture 16 per cent and MSME (micro, small and medium enterprises) eight per cent, the statement said.
The total business grew by eight per cent and it was Rs 9,37,202 crore in September 2021 against Rs 8,67,852 crore in September 2020.
Sequentially it increased by one per cent, the statement said.
Gross NPA (non-performing asset) was at 9.56 per cent of gross advances as on September 2021 brought down by 33 basis points year on year and 13 basis points quarter on quarter.
The net NPA ratio stood at 3.26 per cent at September 30, 2021 as against 2.96 per cent in September 2020.
Fresh slippages were lesser at Rs 3,952 crore compared to Rs 4,204 crore in the first quarter.
The fresh slippages were high due to corporate loans and crop loans.
The cash recovery was higher at Rs 831 crore during the quarter under review, the statement added.