Deccan Chronicle

INDIAN BANK POSTS `1,709 CR NET PROFIT IN Q4

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New Delhi, May 28: Indian Bank on Friday reported a net profit of Rs 1,708.85 crore in the March quarter. The lender had posted a net loss of Rs 217.74 crore in the year-ago quarter.

Sequential­ly, the bank had posted a net profit of Rs 514.29 crore in the December quarter of the financial year 2020-21.

The bank said figures of March 31, 2020, are related to standalone Indian Bank financials for the pre-amalgamati­on period, hence not comparable with the post amalgamati­on financials of December

2020 and March 2021. The erstwhile Allahabad Bank was amalgamate­d into Indian Bank on April 1, 2020.

Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20, Indian Bank said in a regulatory filing.

For the full year of the financial year 2020-21, the net profit of the bank was recorded at Rs

3,004.68 crore. In the previous financial year, the bank had a total income of Rs 753.36 crore. The total income for the year was Rs 45,185.04 crore. Income in the preceding fiscal was at Rs 24,717.43 crore.

On the asset quality front, the bank's gross non-performing assets (NPAs) or the bad loans stood at 9.85 per cent of the gross advances by end of March 31, 2021. It was 6.87 per cent by March 2020.

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