Indian Bank today reported 18.48 per cent rise in net profit at Rs 405.13 crore for the September quarter helped by sharp fall in provision for taxes.
The bank had registered a net profit of Rs 341.92 crore in the corresponding quarter of the previous financial year.
Its total income increased marginally to Rs 4,579.01 crore during the second quarter of 2016-17, as against Rs 4,551.26 crore in the same period a year ago, the state-owned bank said in a regulatory filing.
For the quarter under review, Indian Bank's provision for bad loans and contingencies jumped by over three-fold to Rs 478.27 crore as against Rs 137.07 crore, a year ago.
Its provision for taxes in the second quarter of the current fiscal declined by 46.08 per cent to Rs 122.79 crore as against Rs 229.12 reported in the same period a year ago.
Gross NPAs rose to 7.28 per cent of gross advances as on September 30, 2016, up from 4.61 per cent a year earlier. Net NPAs soared to 4.62 per cent of net loans, from 2.60 per cent, a year ago.
Shares of Indian Bank today closed 7.05 per cent higher at Rs 230.85 apiece on BSE.
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