Indian Bank posts multifold jump in Q1 net profit at Rs 1,182 cr

State-owned Indian Bank on Monday reported a multifold jump in its net profit to Rs 1,182 crore for the first quarter ended June 30, 2021.

The bank had reported a net profit of Rs 369 crore in the corresponding quarter a year ago.

Total income during April-June 2021 inched higher to Rs 11,500.20 crore, from Rs 11,446.71 crore in the year-ago period, Indian Bank said in a regulatory filing.

Its interest income was down five percent to Rs 9,624 crore in the first quarter of the current financial year, against Rs 10,120 crore a year ago.

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On the asset quality front, the lender's gross non-performing assets (NPAs) fell to 9.69 percent of the gross advances as of June 30, 2021, from 10.90 percent by the end of June 2020.

Net NPA or bad loans also softened to 3.47 percent from 3.76 per cent.

Shares of Indian Bank on Monday rose 0.80 percent to close at Rs 139.25 apiece on the BSE.