New Delhi: State-owned Indian Bank on Wednesday reported a fall in its net profit by 44 percent to Rs 209.31 crore in first quarter ended June.
Bank's net profit in the corresponding April-June quarter of 2017-18 was at Rs 372.41 crore.
Total income during the first quarter of 2018-19 increased to Rs 5,131.97 crore from Rs 4,788.04 crore in same period of 2017-18 on good interest and investment earnings.
Even as bank's ratio of bad loans fell from a year ago, in absolute terms the NPAs were high, showed the financial results of the lender in exchange filing.
The gross non-performing assets (NPAs) as a percentage of gross loans by end-June 2018 fell to 7.20 percent from 7.21 percent as of 30 June, 2017. In absolute value, the gross NPAs were at Rs 11,827.60 crore by end of first quarter, up from Rs 9,653.02 crore year ago.
Net NPAs too fell to 3.79 percent (Rs 5,998.62 crore) from 4.05 percent (Rs 5,238.61 crore).
Thus, the overall provisioning for bad loans and contingencies in April-June 2018-19 was raised by Indian Bank to Rs 1,029.56 crore from Rs 715.56 crore a year ago. Provisions for bad loans were Rs 456.60 crore as against Rs 681.94 crore.
"Non-performing loan provision coverage ratio is 64.38 percent as on June 30, 2018," Indian Bank said.
During the quarter, the bank had appropriated the recovery of Rs 94.61 crore in a fully provided NPA account and the amount recovered has been considered as part of NPA recovery, it said.
The stock of the bank closed at Rs 354.80 on BSE, down 5.2 percent from the previous close.
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Updated Date: Aug 09, 2018 08:43:38 IST