Indian Bank has reported a 18.85% drop in its net profit for the quarter ended December, 2017, to ₹303.06 crore, from ₹373.47 crore a year earlier.
The bank attributed the fall of ₹70.41 crore to mark-to-market depreciation on investments primarily due to a rise in bond yields and other provisions.
Total income during the quarter under review was ₹4,903.08 crore (₹4,557.26 crore). Net interest income stood at ₹1,622.70 crore (₹1,246.57 crore).
Net interest margin grew to 2.91% from 2.57% a year earlier. Gross non performing assets (NPA) fell to 6.27% as on December 31, 2017, from 7.69% in December 31, 2016. The gross NPA was 6.67% as on September 30, 2017. The net NPA was down to 3.3% as on December 31, 2017, from 3.41% in the immediately previous quarter.
Stressed assets as a percentage of gross advances reduced to 8.88% from 12.41% a year earlier.
