Indian Bank profit up by 278.39 % in Q4

Total income rose to Rs 4601.88 crore during the quarter from Rs 4512.18 crore

Indian Bank has reported a 278.39 per cent growth in net profit during the quarter ended March 31, 2017 to Rs 319.40 crore as against Rs 84.49 crore.

 

The bank is planning to come out with a follow on offer to reduce Government's stake to 70 per cent.  The money will also support Indian Bank's growth. Currently government's stake is 85 per cent.

 

Kishor Kharat, new MD & CEO of Indian Bank attributed the performance to increase to NII which rose by 22 per, funds management, increase in other income by 22-25 per cent.

 

Total income rose to Rs 4601.88 crore during the quarte from Rs 4512.18 crore.

 

On way forward, Kharat said that the Bank has set a target to grow total business by 11.5-12 per cent in 2017-18.

 

The Bank also set a target to bring GNPA to less than five per cent from 7.47 per cent and net NPA to less that 3 per cent from 4.39 per cent.

 

NIM will be increased to three per cent from 2.6 per cent to 3 per cent in 2017-18, said Kharat.

 

"With sound financial ratio we are set to take the growth journey,"said Kharat. His vision for the next five years yo transform the Bank from Good Bank to Great Bank.

Indian Bank moved higher to its lifetime high of Rs 319, up 12% on BSE in intra-day trade after reported an over three-fold jump in net profit at Rs 320 crore for the quarter ended March 2017 (Q4FY17), on back of higher operational income. The public sector lender had profit of Rs 94 crore in year ago quarter.