Indian Bank surges on Q4FY17 Results
Rohan Takalkar / 25 Apr 2017
Indian Bank posted its Q4FY17 results during market hours on Tuesday. The numbers were largely strong across the board. The stock of Indian Bank surged as much as 9.0% at Rs 310 level before closing in today's trading session.
NII for the quarter increased by 11% qoq to Rs.1385 crore vs Rs.1246 crore in Q3FY17. This was largely due to increase in interest earned and decline interest expenses.
Provisions for the quarter increased 49% qoq to Rs.49.3 crore vs Rs.540 crore in Q3FY17.
Net profit for the quarter declined by 14% qoq to Rs. 319 crore vs Rs.373 crore in Q3FY17.
Bank’s GNPA increased by 80 bps to 7.47% while GNPA in rupee terms reduced 11% yoy to Rs 9865 crore.
Bank posted deposits of Rs 182509.2 crore in FY17, registering 2% rise. Advances came in at Rs 127699 crore, a decline of 1%.
Government promoted Indian Bank offers featured products /services like wealth management services, educational loans, NRI- foreign exchange, depository services, ASBA(IPO), centralised pension processing and supreme current account. Its products can be categorized into segments like agriculture, corporate, personal/ individual, SME, remittance, NRI, technology, property, education, business, insurance, group, cards and term deposits.
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