Indian Bank Q1 net more than triples to Rs 1,182 cr, NIM up marginally

Bad loan recoveries helps to improve bottom-line

Public sector lender Indian Bank's net profit rose by 220 per cent to Rs 1,182 crore in the first quarter ended June 2021 (Q1FY22) on higher non-interest income.

It had posed net profit of Rs 369 crore during the same quarter last year (Q1FY21). Sequentially, the lender posted net profit of Rs 1,709 crore in the quarter ended March 2021 (Q4FY21).

The bank's net interest income rose marginally around three per cent in Q1FY22 to Rs 3,994 crore versus Rs 3,874 crore in Q1FY21. Net Interest Margin (NIM) for domestic operations improved by two basis points (bps) to 2.85 per