In­dian Bank’s Sep quar­ter net profit falls 67% to ₹150 cr

Mint ST - - NEWS -

with ₹744.55 crore dur­ing the same quar­ter in the pre­ced­ing year.

The bank added fresh bad loans worth ₹1,624 crore dur­ing the Septem­ber quar­ter com­pared with ₹1,038 crore in the pre­vi­ous quar­ter.

In a call to an­a­lysts, the bank’s man­age­ment said that it ex­pects ₹1,000 crore of slip­pages per quar­ter till the end of the year.

The man­age­ment also said that the bank has an ex­po­sure of ₹1,800 crore to In­fra­struc­ture Leas­ing & Fi­nan­cial Ser­vices Ltd (IL&FS), of which the bank has clas­si­fied ₹280 crore as non-per­form­ing as­set. The bank told an­a­lysts it ex­pects to main­tain gross non­per­form­ing as­sets be­low 7% and net non-per­form­ing as­sets at 3.5% for the full fi­nan­cial year.

The bank added that it ex­pects to re­cover ₹850 crore from res­o­lu­tions of ac­counts re­ferred to the Na­tional Com­pany Law Tri­bunal.

In­dian Bank’s pro­vi­sions jumped 35% to ₹1,004 crore in the Septem­ber quar­ter, com­pared with ₹745 crore a year ago.

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