Indian Bank on Tuesday reported a net loss of ₹217.73 crore for the quarter ended March 2020. It has recorded a net loss of ₹189.77 crore for the same quarter last year. In the third quarter, the bank posted a net profit of ₹247.16 crore.
Provision (other than tax and contingencies) on a year-on-year (YoY) basis jumped by 15.44 per cent to ₹1,891.85 crore in January-March quarter from ₹1,638.82 crore in the year ago quarter.
Total income of the bank grew by 14 per cent to Rs.6,334.36 crore in Q4 FY20 from ₹5,537.46 crore in the year ago quarter while interest income grew by 11 per cent to ₹5,492.72 crore (₹4,967.88 crore) during the period.
Operating profit for the January-March quarter stood at ₹1,703.25 crore (₹1,245.40 crore).
Non-performing Assets (NPAs)
Asset quality of the bank showed some improvements during the quarter. Gross non-performing assets (GNPA) as a percentage of total advances decreased to 6.87 per cent during the fourth quarter from 7.11 per cent against the comparable quarter in the previous year. Net NPA also improved to 3.13 per cent (3.75 per cent) during the period.
In value terms, GNPA of the bank rose by 6 per cent to ₹14,150.83 crore (₹13,353.45 crore) while NNPA, on a year-on-year basis, improved by 9 per cent ₹6,184.23 crore (₹6,793.11 crore) during the fourth quarter.
Net Profit for FY20 stood ₹753.35 crore (₹321.95 crore).