Indian Bank Q2 net profit dips 38.4% to Rs 305.76 cr
Chennai: Indian Bank has reported a 38.4 percent decline in net profit at Rs 305.76 crore for the second quarter ending September 30, 2013.
The city-based public sector bank had reported net profit at Rs 496.68 crore during the corresponding period of the previous year, Indian Bank Chairman and Managing Director T M Bhasin said.
The net profit for the first six months of this financial year ended September 30, 2013 also dipped by 34.9 percent to Rs 623.15 crore from Rs 958.42 crore registered during the same period of the previous year.
For the year ending March 31, 2013, net profits stood at Rs 1,581.13 crore, it said.
Total income for the second quarter ending Sept 30, 2013 rose to Rs 4,078.24 crore from Rs 3,773.75 crore registered during the corresponding period of the previous year.
For the half-year ending Sept 30 2013 total income grew to Rs 8,273.71 crore from Rs 7,370.26 crore registered during the same period of the previous year.
For the year ending March 31, 2013 total income stood at Rs 15,179.41 crore, he said.
"There was Rs 314 crore profit on investment in Q2 of the previous year. Since the market is not conducive for us to book profits we have not liquidated any of our investments.So that had the impact in net profits of this quarter", Bhasin said to a query.
Bhasin said the global business for the half-year ending September 2013, grew to 16.1 percent to Rs 2,63,758 crore.
Total deposits stood at Rs 1,52,687 crore up by 16.4 percent, while gross advances rose by 15.8 percent to Rs 1,11,071 crore.
Gross NPA as on September 30, 2013 stood at 3.76 percent, while net NPA stood at 2.56 percent, he said.