Indian Bank posts Q4 loss of Rs 189 cr on provisioning

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SME Times News Bureau | 14 May, 2019
After logging a net loss of Rs 189.77 crore in the fourth quarter of the last fiscal ended March, state-run Indian Bank should be back in black in the current quarter, a top bank official said on Tuesday.

Speaking to reporters here, the Indian Bank Chief Executive and Managing Director Padmaja Chunduru said the bank will be in profit mode in the first quarter of the current fiscal.

According to her, the loss in the fourth quarter was due to the provisioning of Rs 220 crore towards the accounts of IL&FS and another company.

The bank had posted a net profit of Rs 131.98 crore during the corresponding quarter of 2017-18.

For the whole of the last fiscal, Indian Bank posted a net profit of Rs 321.95 crore, which was substantially lower than the Rs 1,258.99 crore earned on this count during the previous fiscal.

During the last financial year, Indian Bank's total income went up by eight per cent to Rs 21,068 crore of which the interest income went up by 12 per cent to Rs 19,185 crore.

As on March 31, 2019, Indian Bank had gross non-performing assets (NPAs or bad loans) of Rs 13,353.45 crore and a net NPAs of Rs 6,793.11 crore.