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Home STOCKS Indian Bank Q4 final results: Posts web loss of Rs 218 crore

Indian Bank Q4 final results: Posts web loss of Rs 218 crore

Kolkata: Community sector lender Indian Bank has slipped into the red in the fourth quarter with Rs 218 crore web loss on account of greater provisions. It experienced created profits in the past three quarters whilst endured Rs 190 crore loss in the yr in the past period of time.
Its working profit rose 37 for each cent at Rs 1,703 crore as opposed with Rs 1,245 crore in the year back period of time. Total profits rose 14 per cent at Rs 6,334 crore about Rs 5,538 crore with web interest money developing at the similar rate at Rs 2,003 crore.
The calendar year-on-calendar year loss widened due to 34 for each cent greater provisions and contingencies which was witnessed at Rs 1,921 crore, the bank mentioned.
The bank has demonstrated improvement in asset top quality with gross non-accomplishing assets ratio slipping to 6.9 per cent at the conclude of March from 7.11 for every cent, although the net ratio was at 3.1 for every cent from 3.75 per cent.
Its overall company grew 8 for every cent to Rs.4.66 lakh crore, contributed by 19 for each cent credit progress to Rs.2.06 lakh crore and 7 for every cent deposits progress to Rs 2.60 lakh crore. Progress in advances was led by the retail sector which grew 16 per cent and perfectly supported by agriculture and the MSME sector with a progress of
14 per cent and 13 for every cent respectively.
Allahabad Bank was merged with Indian Bank successful from April.
“The amalgamated entity would leverage on the put together strengths of both equally the banking institutions to submit extraordinary growth in FY21,” Indian Bank chief executive Padmaja Chunduru reported.
The bank’s stock price rose 7 for each cent Tuesday to Rs 68.90 on BSE.

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