Public sector lender Indian Bank has slipped into the red in the fourth quarter with Rs 218 crore net loss on account of higher provisions. It had made profits in the previous three quarters while suffered Rs 190 crore loss in the year ago period.
Its operating profit rose 37 per cent at Rs 1,703 crore compared with Rs 1,245 crore in the year ago period. Total income rose 14 per cent at Rs 6,334 crore over Rs 5,538 crore with net interest income growing at the same rate at Rs 2,003 crore.
The year-on-year loss widened due to 34 per cent higher provisions and contingencies which was seen at Rs 1,921 crore, the bank said.
The bank has shown improvement in asset quality with gross non-performing assets ratio falling to 6.9 per cent at the end of March from 7.11 per cent, while the net ratio was at 3.1 per cent from 3.75 per cent.
Its total business grew 8 per cent to Rs.4.66 lakh crore, contributed by 19 per cent credit growth to Rs.2.06 lakh crore and 7 per cent deposits growth to Rs 2.60 lakh crore. Growth in advances was led by the retail sector which grew 16 per cent and well supported by agriculture and the MSME sector with a growth of
14 per cent and 13 per cent respectively.
Allahabad Bank was merged with Indian Bank effective from April.
"The amalgamated entity would leverage on the combined strengths of both the banks to post impressive growth in FY21," Indian Bank chief executive Padmaja Chunduru said.
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