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, said Kishor Karat, MD and CEO, Indian Bank, during an interaction with media persons on the bank’s performance.
Buoyancy in its operational areas, growth in other income and better net interest margins contributed to the bank reporting a significant jump in net profit, he said.
During the first quarter, Indian Bank reported a 21 per cent jump in net profit at ₹372 crore (₹307 crore) on a total income of ₹4,788 crore (₹4,512 crore). Net interest income grew 18 per cent to ₹1,459 crore (₹1,236 crore) while non interest revenue jumped 48 per cent to ₹652 crore (₹441 crore).