Indian Bank Q3 net profit doubles to Rs 1,396 cr as bad loans decline
State-owned Indian Bank on Wednesday reported nearly two-fold jump in profit at Rs 1,396 crore in the quarter ended December 2022, driven by increase in interest income and decline in bad loans.
The net profit of Chennai-based lender stood at Rs 690 crore in the same quarter of the preceding financial year.
Total income increased to Rs 13,551 crore in the quarter from Rs 11,482 crore in the year-ago period, the bank said in a regulatory filing.
At the same time, Net Interest Income increased by 25 per cent to Rs 5,499 crore as against Rs 4,395 crore in the same quarter a year ago.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 6.53 per cent of gross advances as compared to 9.13 per cent at the end of the third quarter of 2021-22.
Net NPAs too eased to 1 per cent from 2.72 per cent in the same quarter a year ago.
As a result, provisions for bad loans declined significantly to Rs 1,474 crore from Rs 2 439 crore in t