Indian Bank reported a standalone net profit of ₹1,089 crore for the quarter ended September, due to year-on-year increase in other income, reduction in provisions, and net interest income sequentially.
Net interest income declined 1% to ₹4,084 crore and net interest margin contracted to 2.89% from 3.06%. Non-interest income rose 26% due to increase in recovery of bad debts (450%) and forex income (42%).
Gross NPAs fell 33 bps to 9.56%, while net NPAs rose 30 bps to 3.26%. Capital Adequacy Ratio stood at 15.88%. Provisions and contingencies declined to ₹2,187 crore (₹2,234 crore).
