Indian Bank posts net loss of Rs 190 cr in Q4 on higher NPA provisioning
Indian Bank on Tuesday reported a net loss of Rs 189.77 crore in the fourth quarter of the financial year ended March 2019, as high level of bad loans required substantial amount to be kept as provisioning parking.
State-owned Indian Bank Tuesday reported a net loss of Rs 189.77 crore in the fourth quarter of the financial year ended March 2019, as high level of bad loans required substantial amount to be kept as provisioning parking. The bank had registered a net profit of Rs 131.98 crore during the similar January-March quarter of 2017-18.
Its total income in the March 2019 quarter, however, was up at Rs 5,537.47 crore as against Rs 4,954.21 crore in the corresponding period a year ago, the bank said in a regulatory filing. For the full year, the bank's net profit was Rs 320.93 crore on a consolidated basis, as against Rs 1,262.92 crore in 2017-18. Total income was Rs 21,073.50 crore in 2018-19, up from Rs 19,531.91 crore a year ago.
On the bank's asset quality, the gross non-performing assets (NPAs) or bad loans reduced to 7.11 per cent of the gross advances by the end of March 2019, as against 7.37 per cent at the end of March 2018.
Sikkim floods: 10 dead, 22 army men among 82 missing as flash flood wreaks havoc; PM Modi calls CM Prem Singh Tamang
ENG vs NZ FREE Live Streaming: When and How to watch England vs New Zealand Cricket World Cup 2023 Match live on Web, TV, mobile apps online
Renewable technologies can improve energy security by diversifying power supply options: Wind turbine body
India vs Australia World Cup 2023: Check How to book IND vs AUS tickets online, ticket price, match date, time, squad details
Defence Minister Rajnath Singh announces fresh 'positive indigenisation list' to boost domestic defence manufacturing, launches debit card for offline transaction by naval personnel
LPG cylinder subsidy for Ujjwala beneficiaries increased, cylinder prices to go down by Rs 100: Check reduced rates lpg cylinder price delhi kolkata mumbai chennai
Jet Airways Insolvency: Creditors question source of Rs 200 crore deposited by Jalan-Kalrock Consortium
Net NPAs came down to 3.75 per cent as against 3.81 per cent.
The overall provisioning and contingencies for the March 2019 quarter were at Rs 1,638.83 crore, higher than Rs 1,546.34 crore a year ago. Of this, the provisioning for bad loans was Rs 1,432.94 crore, as against Rs 1,772.03 crore in the year-ago quarter.
During the year ended March 31, the bank recovered Rs 585.84 crore in one of the accounts by way of the NCLT settlement, it said.
For the provisions of the Insolvency and Bankruptcy Code, the bank is holding a total provision of Rs 83.07 crore as on March 31, 2019, Indian Bank said.
Non-performing loan provision coverage ratio is 65.72 per cent as on March 31, 2019.
On the divergence in asset classification and provisioning for NPAs for 2017-18, Indian Bank has showed a gap of Rs 178.50 crore in gross NPAs; Rs 41.40 crore in divergence in net NPAs and the divergence in provisioning stood at Rs 1,120.90 crore.
Shares of the bank closed at 2.08 per cent higher at Rs 232.70 apiece on the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Google Pixel 8, Pixel 8 Pro Price in India: AI-powered smartphones launched with new camera tools, 7 years of key updates
Govt changes insolvency rules to exclude leased aircraft, makes it easier for lessors to recover planes in case of bankruptcy Cape Town Treaty convention
Bajaj Finance clocks 52-week high as firm reports 33% growth in AUM in Q2; Morgan Stanley raises TP by Rs 800
Gold and Silver price today (October 4, 2023): Precious metals trade in red amid rising US treasury yields
Share Market Today LIVE: Sensex falls nearly 450 pts, Nifty near 19,400; Maruti Suzuki, NTPC among top blue-chip losers, down 2%
ICC World Cup 2023: Disney+ Hotstar introduces MaxView feature to stream matches in vertical mode - Details
Multi-Cap vs Flexi-Cap Funds: Risks, gains and tax benefits on investments in these two types of mutual funds