Indian Bank gains on steady asset quality improvement
Rohan Takalkar / 06 Nov 2017
Indian Bank reported its Q2FY18 numbers during market hours on Monday. The bank showed steady improvement in asset quality and posted robust earnings.
Indian Bank reported its Q2FY18 numbers during market hours on Monday. The bank showed steady improvement in asset quality and posted robust earnings.
The NII for the quarter rose by 5.8 per cent qoq to Rs. 1,543 crore in Q2FY18 vs Rs. 1,459 crore in previous year corresponding quarter. This was largely due to muted growth in interest income at 0.6 per cent qoq to Rs. 4,159 crore. Also, interest expended declined by to 2.3 per cent to Rs. 2,615 crore in Q2FY18.
Provisions for the quarter edged up by 4 per cent qoq to Rs. 744 crore vs Rs. 478 crore in previous quarter. Net profit for the quarter rose by 21.2 per cent qoq to Rs. 1,543 crore. This was partly aided by minimal increase in provisions and partly by 10 per cent qoq rise in other income to Rs. 714 crore in Q2FY18.
The bank showed steady improvement in asset quality. GNPA’s for the quarter remained muted at Rs. 9,623 crore vs Rs. 9,653 crore in previous quarter. Also, GNPA’s and NNPA’s as percentage to total advances also declined by 54 bps and 64 bps qoq to 6.67 per cent & 3.41 per cent, respectively.
Further, the advances for the quarter rose by 14 per cent yoy to Rs. 1,39,206 crore in Q2FY18, while deposits for the quarter rose by 12 per cent yoy to Rs. 1,98,668 crore.
The stock of Indian Bank opened on Monday at Rs. 350 per share and rose as much as 8.7 per cent to close at Rs. 377 per share
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