Indian Bank's Q3 net profit up 671%; shares gain
Indian Bank surpassed analysts estimates by reporting a whopping 671% year-on-year (yoy) rise in net profit for its third quarter ended December 31, 2016.
The bank reported net profit of Rs 373.47 crore, registering growth of 670.51% compared to Rs 48.47 crore in the corresponding period of the previous year.
In Q3, the net interest income (NII) stood at Rs 1,246.58 crore, which was up by 12.22% year-on-year (yoy) but down by 2.47% quarter-on-quarter (qoq).
Provisions for bad loans stood at Rs 546.84 crore, falling 29.72% yoy and 11.28% qoq.
Gross Non-performing assets (GNPA) were at 7.69%, expanding 208 basis points yoy and 41 basis points qoq.
Shares of Indian Bank was trading at Rs 275.50 per share on BSE, surging by Rs 17.85 or 6.93%.