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Shares of Indian Bank soared as much as 10.7 per cent on Monday as the bank has registered a rise of 11.45 per cent in net profit at ₹451.54 crore for the September quarter as bad loans declined, although provisioning to cover for such assets was raised.
Total income of the bank increased to ₹4,874.16 crore for the quarter under review in FY18, up from ₹4,579.01 crore in the same quarter of the previous fiscal, the bank said in a regulatory filing.
Indian Bank shares opened the session higher at Rs 350 against the previous close of Rs 347.20, touched an intraday high of Rs 384.40 and a low of Rs 348.30. In terms of equity volume, 9.18 lakh shares were traded on the BSE. The scrip closed higher by 8.71 per cent at Rs 377.45.
Indian Bank has reined in its net NPA during the first quarter of FY18.
For the quarter ended June 30, net NPA was lower at ₹5,238 crore (4.05 per cent), against ₹5,552 crore (4.48 per cent) in the previous year quarter. In the preceding quarter ending March 2017, the net NPA was ₹5,606 crore (4.39 per cent).
The bank has managed to bring down stressed assets across sectors, Kishor Karat, MD and CEO, Indian Bank, had said during an interaction with media persons on the bank’s performance.
(With inputs from PTI)
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