The Net interest income or the difference between interest earned and interest expended rose by nearly 6 percent to Rs 1717 crore for the December quarter compared to Rs 1622 crore seen in the year-ago period.
Indian Bank plunged by about 7 percent after the state-owned bank reported nearly 50 percent fall in net profit for the quarter ended December to Rs 152.26 crore as compared to Rs 303.06 crore reported in the year-ago period. It was less than CNBC-Tv18 poll of Rs 289.40 crore.
The Net interest income or the difference between interest earned and interest expended rose by nearly 6 percent to Rs 1717 crore for the December quarter compared to Rs 1622 crore seen in the year-ago period.
Reacting to the news, shares of Indian Bank closed 7.07 percent lower at Rs 238. It hit an intraday low of Rs 230.90 and a high of Rs 260.25.
The asset quality profile of the bank has deteriorated with gross NPAs rising sequentially to 7.46 percent (Rs 13,198 crore) for December quarter compared to 7.16 percent (Rs 12,333 crore) at end of Q2Fy19.
Net NPA ratio rose to 4.42 percent in the December 2018 quarter from 4.23 percent as on September 30, 2018. The provision for NPAs in Q3Fy19 stood at Rs 923 crore, down from Rs 1004 crore in Q2FY19.
