Monday 13th July 2020

Indian Bank Q4 results: Posts net loss of Rs 218 crore

Jun 23rd, 2020 8:35 pm | By | Category: LATEST NEWS


(THE NEWSMAN OF INDIA.COM)
Indian Bank on Tuesday reported widening of net loss to Rs 217.74 crore for March quarter 2019-20 due to higher provisions, even as the bad loan proportion came down. The bank posted a loss of Rs 189.77 crore for January-March 2018-19, it said in a regulatory filing.

However, in the preceding December quarter the bank logged a profit of Rs 247.16 crore.

Income in the quarter under review increased to Rs 6,334.37 crore from Rs 5,537.47 crore in the same period of 2018-19, the public sector lender said. In December quarter, the income was Rs 6, 505.62 crore.

The bank’s provisions for bad loans and contingencies were hiked to Rs 1,891.86 crore for March quarter of 2019-20 as against Rs 1,638.83 crore in year-ago same period.

On asset front, Indian Bank showed improvement as gross NPAs (non performing assets) were trimmed to 6.87 per cent as at March- end 2020 from 7.11 per cent by the year-ago same period.

Net NPA or bad loans were down at 3.13 per cent from 3.75 per cent a year earlier.

The bank has reported one loan account in the power and steel sector in consortium lending of 33 lenders, under borrowal fraud category to RBI during second quarter of 2019-20 and the amount of outstanding was Rs 854.92 crore as on March 31, 2020, it said.

Further on COVID-19 related measures, it said provisions at 15 per cent aggregating to Rs 108.90 crore against the accounts with outstanding of Rs 725.99 crore which were standard as on February 29, 2020 were made. They would have slipped to NPA/sub-standard category as on March 31, 2020 had the RBI debt servicing relief as above not been reckoned.

Source:https://www.google.com/amp/s/www.moneycontrol.com/news/business/earnings/indian-bank-q4-loss-widens-to-rs-218-crore-5445871.html/amp

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