Public sector mortgage lender Indian Bank on Thursday said it closed the second quarter of FY24 with a higher net profit aided by a drastic reduction in provisions for non-performing assets (NPA)
In a regulatory filing, Indian Bank said for the quarter ended September 30 it had earned a total interest income of Rs17,743.26 crore (Q2FY23 Rs 10,709.90 crore) and a net profit of Rs 1,987.76 crore (Rs 1,225.22 crore).
During the period under review, the bank had earned Rs1,992.97 crore (Rs 1,828.11 crore) as other income taking the total income to Rs 15,736.23 crore (Rs 12,538.01 crore).
As on September 30, Indian Bank’s gross non performing assets (GNPA) and net NPA stood at Rs 24,487.53 crore (Rs 31,958.83 crore) and Rs 2,825.85 crore (Rs 6,174.13 crore), respectively.
For the period under review Indian Bank had provided Rs 917.70 crore towards NPA down from Rs 2,001 crore provided during previous year corresponding period.
The capital adequacy ratio stood at 15.53 per cent as on September 30.
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