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Indian Bank Q4 Results: Indian Bank Q4 results: Lender reports net profit of Rs 1,709 crore


KOLKATA: State-owned
Indian Bank has reported a net profit of Rs 1709 crore in the March quarter against a loss of Rs 2178 crore in the year ago period, buoyed by rise in core income and Rs 900 crore tax write back.
The net interest margin (NIM), a key profitability parameter, rose 12 basis points year-on-year to 2.85%.
“Ideally, we would like to grow our NIM to 3%,” chief executive Padmaja Chundur said, refraining from giving a future guidance on NIM due to uncertainties around the second wave of Covid-19 pandemic.
Operating profit of the bank rose by about 50% at Rs 2548 crore from Rs 1703 crore with interest income rising 62% at Rs 8904 crore from Rs 5493 crore over the same period, reflecting the benefit of the bank’s amalgamation with Allahabad Bank. ....

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