Page 5 - Indian Bank

Stressed accounts of Rs 2,500 cr identified for bad bank: Indian Bank

The bank's managing director and chief executive officer Shanti Lal Jain has said that out of the total eight accounts that were identified in the first phase, three were already resolved

Indian Bank Q1 net profit at Rs 1,213 crore; total deposit up 8%

Public sector Indian Bank closed the first quarter of FY23 with net profit of Rs 1,213.44 crore, higher than what it had logged during Q1FY22

After PMC Bank, Wadhawans duped Indian Bank of Rs 279 crore

The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs 279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended Directors -- Rakesh Kumar Wadhawan and son Sarang Wadhawan.

Indian Bank makes pregnant women 'temporarily unfit' for joining

This retrograde clause is highly discriminatory to women, the AIDWA said in its statement

Indian Bank declares 3 accounts with exposure worth Rs 362 cr as fraud

Indian Bank on Friday said it has reported three non-performing accounts, including IL&FS Tamil Nadu Power Ltd, as fraud to the RBI and the public sector lender has a combined exposure of over Rs 362 crore to these companies. Three non-performing accounts have been declared as fraud and have been reported to the Reserve Bank of India (RBI) as per regulatory requirement, Indian Bank said in a BSE filing. The nature of fraud comes in the form of diversion of funds in all these cases, the bank said. IL&FS Tamil Nadu Power has a fraud amount of Rs 320.34 crore against the bank, followed by Amico Textiles at Rs 30.98 crore and Sarbamangala Agro Products of Rs 11.26 crore. The bank said it has made provisions of up to 100 per cent in all these three fraud accounts as of March 31, 2022.

Stocks to Watch: CoForge, MRPL, Petronet, JSW Ispat, PNB, Birla Corp, PSBs

Stocks to Watch Today: Aditya Birla Capital, Apollo Tyres, GSPL, HCC, L&T, RBL Bank, Siemens and Tata Motors ahead of Q4 earnings; Prudent Corporate Advisory Services IPO to close on Thursday.

Indian Bank net profit falls 43% in Q4, says asset quality improving

The state-owned bank's total income this time was up 9 per cent to Rs 11,405 crore.

Maruti Suzuki joins hands with Indian Bank for car loans

Maruti Suzuki India (MSI) on Wednesday said it has joined hands with Indian Bank to facilitate easy finance for customers. As part of the partnership, the company's customers can avail the loan benefits in over 5,700 plus branches of Indian Bank at metro, urban, semi-urban and rural locations. Maruti Suzuki customers, under this exclusive scheme, can avail loans up to 90 per cent of the on-road price of the car besides getting benefits of zero processing charges, free accidental insurance cover up to Rs 30 lakh, free fastag and repayment tenure up to 84 months on their loans. The scheme is open till June 30 2022. "About 80 per cent of retail sales in the automobile industry happen through financing and to enable our customer's car-buying decisions, Maruti Suzuki has initiated several partnerships with banks & NBFCs across the public and private sectors. It is our firm belief that this partnership with Indian Bank will go a long way to cater to the diverse finance requirements of .

PNB board to consider debt raising plan for FY23 on Mar 29

The bank has not provided details on how much capital it is planning to raise via debt in 2022-23

Stocks to Watch: Voda Idea, Wockhardt, KEC Intl, Tata Motors, Pharma, PSBs

Pharma shares are likely to be in limelight as NPPA may allow up to 10 per cent hike on scheduled drugs in the month of April.

Future Retail NPAs: Indian Bank to take Rs 800-crore hit in fourth quarter

Earlier, a consortium of 27 banks had indicated they would have to make combined provisions of around Rs 9,000 crore due to non-payment by the retailer.

Spike in credit demand from corporate, RAM segments: Indian Bank MD & CEO

In a Q&A, Shanti Lal Jain talks about recovery in demand, bad loan trends and the status of Covid recast

Indian Bank net profit rises 34% to Rs 690 crore in Dec quarter

'A major reason for the rise in net profit was improvement in asset quality', said Shanti Lal Jain

Indian Bank profit jumps 34% to Rs 690 crore in December quarter

Indian Bank on Monday reported 34 per cent jump in standalone profit after tax (PAT) at Rs 690 crore for December quarter 2021-22 helped by higher non-interest income. The state-owned lender had reported a PAT of Rs 514 crore for the year-ago period. During the quarter our operating profit grew 16 per cent. This was driven by growth in NII and other income. Our fee income rose by 11 per cent, forex income by 32 per cent and recovery in bad debts also increased by 111 per cent, Managing Director and CEO S L Jain told reporters. Net interest income (NII) marginally grew by 2 per cent to Rs 4,395 crore from Rs 4,314 crore in the year-ago period. Operating profit rose 16 per cent to Rs 3,288 crore. Non-interest income surged 36 per cent to Rs 1,556 crore. Fee income and forex income grew 11 per cent and 32 per cent, respectively. The bank's recovery of bad debts increased by 111 per cent to Rs 278 crore in the quarter. Domestic net interest margins (NIM) declined by 10 basis points t

Nifty PSU Bank index soars 5%; SBI hits record high, up 3%; BOB zooms 10%

The Nifty PSU Bank index climbed to a fresh two-year high even as the NSE benchmark slipped a per cent.

Budget 2022 seeks to support economic growth momentum, say bankers

The union budget for 2022-23 seeks to support the recent economic growth momentum and help it sustain over the long-term, MD&CEO of Bandhan Bank Chandra Sekhar Ghosh said on Tuesday. He said the substantial rise in planned capital expenditure for creation of infrastructure, focus on affordable housing and development of the MSMEs and the farm economy will prepare India for the next phase of growth. The extension in timeline and increased outlay towards emergency credit line guarantee scheme and additional infusion of funds in the credit guarantee trust for micro and small enterprises will provide relief to the sector, Ghosh said. The significant additional allocation towards PM Awas Yojana will boost demand for affordable housing and also for housing finance, he added. MD&CEO of Indian Bank Shanti Lal Jain called the union budget a growth oriented budget against the backdrop of the pandemic. Focus on clean energy, infrastructure, agriculture, MSME, education, digital economy,

Edelweiss group partners Indian Bank for co-lending to priority segment

Diversified financial group Edelweiss on Monday said Edelweiss Housing Finance Ltd and ECL Finance Ltd have entered into co-lending partnership with Indian Bank for lending to priority sector areas.

CARE upgrades by a notch AT1 bonds ratings of 4 state-owned lenders

Agency sees improvement in capital cushions over minimum regulatory requirement, improvement in profitability.

Indian Bank launches video KYC facility enabled by VCIP technology

The Video KYC facility further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer

Nifty seems to have strong resistance near 18,000-mark, says Vinay Rajani

Among stocks, the technical analyst from HDFC Securities recommends buying M&M Finance and Indian Bank