Indian Bank shares hit record high, up 11% after better Q2 earnings, NPA shrinks
Provisioning coverage ratio improved to 65.4 percent for the quarter, compared with 61.7 percent in previous quarter.
Moneycontrol News
Indian Bank share price touched a fresh record high of Rs 384.40, rising 10.7 percent intraday Monday after better earnings and asset quality improvement for the quarter ended September 2017.
The public sector lender said profit after tax increased 11.4 percent year-on-year to Rs 451.54 crore and net interest income grew by 20.8 percent to Rs 1,543.66 crore the quarter.
Loan book during the quarter reported a 13.6 percent growth year-on-year and 7.6 percent on sequential basis.
Asset quality improved during the quarter as gross non-performing assets (as a percentage of gross advances) were lower at 6.67 percent, from 7.21 percent in previous quarter. Net NPAs were also lower at 3.41 percent, compared with 4.05 percent on sequential basis.
Even provisioning coverage ratio improved to 65.4 percent for the quarter, compared with 61.7 percent in previous quarter.
At 14:25 hours IST, the stock price was quoting at Rs 377.25, up Rs 30.05, or 8.65 percent amid high volumes on the BSE.
