Indian Bank’s 3rd quarter profit down by 50% to Rs 152 crore
Chennai: Public sector lender Indian Bank on Friday announced about a 50 per cent fall in its standalone net profit for the third quarter ended on December 31 in the back drop of an increased provision for bad loans, said a top bank official.
For the period under review, Indian Bank posted a net profit of Rs 152.26 crore down from Rs 303.06 crore posted for the quarter ended December 31, 2017.
Indian Bank earned a total income of Rs 5,269.10 crore during the third quarter, up from Rs.4,903.07 crore earned for the period ended December 31, 2017.
Speaking to reporters here Padmaja Chunduru, Managing Director and CEO, said the net profit was impacted during the third quarter of the current fiscal due to higher non-performing assets (NPA), mainly due to the bank’s exposure to IL&FS.
Indian Bank had provided Rs 973 crore towards bad loans for the quarter ended December 31 up from about Rs 385 crore that was provided for the period December 31, 2017.