Indian Bank clocks Q3 profit at Rs 514 crore

Public sector Indian Bank on Friday reported a net profit of Rs 514 crore for the October to December quarter as against a net loss of Rs 1,739 crore in Q3 FY20.

ANI | Chennai (Tamil Nadu) | Updated: 22-01-2021 15:33 IST | Created: 22-01-2021 15:33 IST
Indian Bank clocks Q3 profit at Rs 514 crore
Allahabad Bank amalgamated into Indian Bank last year in April. Image Credit: ANI

Public sector Indian Bank on Friday reported a net profit of Rs 514 crore for the October to December quarter as against a net loss of Rs 1,739 crore in Q3 FY20. While net interest income rose by 31 per cent to Rs 4,313 crore from Rs 3,293 crore, provisions and contingencies came down to Rs 2,585 crore as against Rs 4,555 crore in the same period.

The return on average assets was at 0.35 per cent for Q3 FY21 against 0.28 per cent in Q2 FY21. The return on equity was 7.13 per cent in Q3 FY21 against 6.88 per cent in Q2 FY21. The lender's balance sheet size grew by 11 per cent year-on-year to Rs 6.08 lakh crore as against Rs 5.49 lakh crore as on Q3 FY20.

Total deposits grew by 8 per cent to Rs 5.21 lakh crore in Q3 FY21 as compared to Rs 4.81 lakh crore in the previous year. However, gross non-performing assets were at 9.04 per cent of gross advances from 12.69 per cent in Q3 FY20. Following the amalgamation of Allahabad Bank from April 1 last year, Indian Bank has rationalised 166 branches, 25 zonal offices, nine currency chests, three service branches and five staff training centres.

The bank is investing heavily in IT and digital infrastructure, and security controls to ensure a seamless, pleasant banking experience to customers, it said. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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