Q1FY18 Results: Indian Bank
DSIJ Intelligence / 21 Jul 2017
The bank's NII for the quarter improved by 5.4 per cent QoQ to Rs 1459 crore on the back of rise in interest earned at Rs.4135 crore as compared to the slow rise in interest expended to Rs.2676 crore in Q1FY18.
Indian Bank reported its results for Q1FY17-18 today. The quarterly numbers were higher than the consensus estimates by the analysts.
The bank's NII for the quarter improved by 5.4 per cent QoQ to Rs 1459 crore on the back of rise in interest earned at Rs.4135 crore as compared to the slow rise in interest expended to Rs.2676 crore in Q1FY18.
The bank's GNPAs for the quarter declined 2 per cent to Rs 9653 crore as against Rs 9865 crore in previous quarter. Also, the total advances-to-GNPA ratio also improved by 19 bps to 7.21 per cent as compared to 7.4 per cent in the previous quarter.
The bank reduced provisions for the quarter by 11.3 per cent YoY to Rs 715 crore in Q1FY18 as against Rs 806 crore in the previous quarter. As a result, its net profit increased 16.5 per cent QoQ to Rs.372 crore in Q1FY18 as compared to Rs 319 crore in Q4FY17. The provision coverage ratio for the quarter stood at 61.6 per cent.
Indian Bank stock opened at Rs 338 and closed 0.48 per cent down at Rs.328.5.
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