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Indian Bank net reaches close to four-fold in fourth quarter

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Indian Bank has recorded nearly four-fold increase in net profit at Rs 320 crore during the fourth quarter of 2016-17 from Rs 84 crore in the corresponding year-ago quarter.

Factors like strong growth in net interest income, other income and CASA (current account, savings account) deposits have contributed to the growth in net profit, reported The Hindu.

“Though there is still concern over asset quality in the banking industry, we are not worried as we will enter the growth path from this fiscal onwards,” said Kishor Kharat, managing director and chief executive officer, Indian Bank.

The bank’s operating profit increased by 29 per cent to Rs 1,070 crore (Rs 827 crore in Q4 FY16). Provisioning was marginally higher at Rs 750 crore (Rs 743 crore).

Its net interest income improved 22 per cent to Rs 1,385 crore (Rs 1,135 crore). Other income grew 30 per cent to Rs 585 crore.

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