Indian Bank Q1 net profit jumps 74.55 per cent

Padmaja Chunduru, MD and CEO, Indian Bank   –  Bijoy Ghosh

For the year ending March 31, 2019 total income of the bank was at Rs 21,067.70 crore

Indian Bank on Monday posted a 74.55 per cent jump in its net profits for the April-June quarter. According to a top official, it recorded a net profit of Rs 365.37 crore.

The city-based bank recorded net profits at Rs 209.31 crore during the corresponding quarter the previous year.

For the year ending March 31, 2019 the net profits were at Rs 321.95 crore.

Declaring the financial performance, Indian Bank managing director and Chief Executive Officer (CEO) Padmaja Chunduru said it is one quarter posting strong results.

“The bank has posted a healthy growth in all segments,” she told reporters.

On the total income for the April-June quarter, she said it grew to Rs 5,832.11 crore from Rs 5,131.96 crore registered the same period last year.

For the year ending March 31, 2019 total income of the bank was at Rs 21,067.70 crore.

On the 74.55 per cent jump in the net profits, Chunduru said they have been the highest strong point of this quarter.

“There is a 75 per cent increase (in net profits). This is because of arrest in fresh slippages, increase in recovery.

I think, we are back on track. We have been working on arresting fresh slippages,” she said.

According to her, the slippages were Rs 1,035 crore for the quarter under review period.

She said the bank has set a target of bringing down the slippages to around Rs 800-Rs 900 crore in the coming quarters.

“There is growth in RAM (retail, agriculture and micro, small and medium enterprises segments) with 25 per cent in retail, 25 per cent in agriculture and 10 per cent in micro, small and medium enterprises (MSMEs).

The overall capital adequacy ratio is at 13.62 per cent. This is what gives us more comfort and confidence. We are building assets in a very prudent way”, she said.

Noting that the bank witnessed over 300 per cent rise in transactions made through mobile banking, she said the bank planned to ramp up transactions made through the digital platform.

[“source=thehindubusinessline”]