Indian Bank Q2 profit falls 67% at ₹150 crore

NEW DELHI: State-owned Indian Bank on Friday reported a 66.7% dip in its net profit at ₹150.1 crore for the second quarter ended September on account of increase in bad loans. The bank’s net profit in the corresponding July-september quarter of 2017-18 was at ₹451.5 crore. However, total income of the bank increased to ₹5,129.16 crore for the September quarter this year, from ₹4,874.16 crore in the same period of the previous fiscal, the bank said in a regulatory filing. Asset quality deteriorated with the gross non-performing assets (NPAS) rising up to 7.16% of the gross advances as on end-september 2018, as against 6.67% by September 2017. Net NPAS, too increased to 4.23% of the net advances at the end of second quarter of this fiscal, from 3.41% in the year-ago period.