Indian Bank Q2 Net Profit at Rs 1089 Crore

Public sector Indian Bank closed the second quarter of the current fiscal with a net profit of Rs 1,089 crore.

In a regulatory filing, the bank said it had posted a net profit of about Rs 1,089 crore for the second quarter, up from about Rs 412 crore posted during the previous year corresponding period.

During period under review, the bank had earned a total income of Rs 11,440.41 crore, down from Rs 11,615.90 crore earned during Q2 of FY21.

For the quarter under review Indian Bank's total provision stood at Rs 2,547.15 crore (previous year Rs 2,230.90 crore) out of which the provision against non-performing assets (NPA) was Rs 2,215.58 crore (Rs 1,880.19 crore).

The gross and net NPA as on September 30, 2021 stands at Rs 36,886.07 crore and Rs 11,749.16 crore as against the figures of Rs 36,197.97 crore and Rs 10,052.21 crore as on September 30, 2020.

Fresh slippages were lesser at Rs 3,952 crore compared to Rs 4,204 crore in Q1.

Non-Performing Loan Provision Coverage ratio is 83.32 per cent as on September 30, 2021 up from 82 per cent as on June 30, 2021.

During the quarter ended 30.09.2021, Indian Bank has reported 15 fraud cases involving Rs 1,199.94 crore for which it is holding 100 per cent provision.

The bank's total business (deposit plus advances) stood at Rs 937,202 crore as on 30.9.2021 as against Rs 867,852 crore as on 30.9.2020.

The gross advances stood at Rs 385,730 crore as on September 30, 2021 as against Rs 365,896 crore as on September 30, 2020.

The total deposits stood at Rs 551,472 crore as on September 30, 2021 as against Rs 501,956 crore as on September 30, 2020.