Chennai: Indian Bank has announced its first quarterly performance after amalgamation and announced a net profit of Rs 369 crore for the quarter ended 30 June, 2020. The amalgamation of Allahabad Bank came into effect on 1 April.
Its net profit stood at Rs 365.37 crore in the same period a year ago. Sequentially, the public sector lender had posted a net loss of Rs 217.73 crore in preceding quarter ended March 2020.
Total income of the bank almost doubled to Rs 11,446.71 crore during the April-June period of 2020-21 from Rs 5,832.12 crore in the year-ago same period, Indian Bank said in a regulatory filing.
Padmaja Chunduru, MD and CEO, Indian Bank said, “This is a very satisfying performance in the first quarter post amalgamation”.
The key parameters of income, cost efficiency and profitability have improved both year on year and quarter on quarter. The bank’s asset quality has also improved.
Gross NPAs (GNPA) stood at 10.90 per cent in Q1 of this fiscal, down from 11.39 per cent in March 2020 quarter. Net NPA was at 3.76 per cent, down from 4.19 per cent in the preceding quarter.