Indian Bank reports a net profit of Rs. 1,089 Cr for the Q2; jumps by 164%

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Mumbai: State-run Indian Bank today reported a 164 percent jump in standalone net profit at Rs 1,089 crore for the quarter ended September, aided by a fall in provisions and better recoveries.

The lender had reported a profit after tax of Rs 412 crore in the year-ago period.

The bank’s MD and CEO SL Jain attributed the rise in profit to the improvement in other income, higher cash recoveries, reduction in provisions, and lower expenditure.

Net interest income declined by 1 percent to Rs 4.084 crore in the quarter from Rs 4.144 crore in the year-ago period. Non-interest income rose by 26 percent to Rs 1,966 crore as against Rs 1,558 crore earlier on account of an increase in recovery of bad debts (450 percent) and forex income (42 percent), the bank said in a release.

Soruce- PTI