Indian Bank hits 52-week high post Q3 results

The stock up 8% to Rs 279 on the BSE after the bank reported profit of Rs 373 crore in Q3.

Indian Bank has rallied to its 52-week high of Rs 279, up 8% on the BSE after reporting a more than seven-fold jump in net profit at Rs 373 crore for the quarter ended December 2016 (Q3FY17) due to lower provisioning for bad loans. The state-owned bank had posted profit of Rs 48 crore during the same quarter last fiscal.

Net interest income, the difference between interest earned and interest expended, grew by 12.2% to Rs 1,247 crore while other income (non-interest income) surged 34% to Rs 600 crore over the previous year quarter.

Provisions for bad loans