Chennai-headquartered Indian Bank has reported a rise of 11.3% to Rs. 491.29 crore in Q3FY11 from Rs. 441.38 crore in Q3FY10. The bank’s total income (interest earned plus other income) grew to Rs. 2391.90 crore from Rs. 1968.81 crore, during the same period.
In another positive, this state-owned bank’s employee cost fell down, though marginally, to Rs. 332.79 crore in the third quarter of FY 2010-11 from Rs. 340.79 crore in the corresponding quarter a year ago.
Provisions were up to Rs. 53.55 crore from Rs. 32.04 crore, Y-o-Y, during the above-mentioned period.
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The bank’s CAR stood higher at 12.35%, as on December 31, 2010 against 11.77%, as on December 31, 2009, but was lower than 12.71% reported for FY’10.
The bank’s Net NPA (NNPA) ratio was higher at 0.57% from 0.16, y-o-y, during the period under review.
In absolute terms, its NNPA grew sharply, more than quadrupling to 418 crore in Q3FY11 from Rs. 90 in Q3FY10.
According to a release by the Indian Bank, ‘During the quarter (Q3FY11), Non-Performing Financial Assets aggregating to `347.40 crore (net of provisions) were assigned to Asset Reconstruction Companies. In line with the guidelines of Reserve Bank of India, surplus 46.14 crore arising out of this sale is not recognized in Profit and Loss Account.
Non Performing Loan Provisioning Coverage Ratio stood at 83.01%, as on 31st December 2010.
In terms of segment-wise revenues, while incomes from treasury operations declined, those from retail and corporate banking operations grew well, thus more than compensating from the decline in treasury operations (see Table: Segment Wise Results).
Source: Indian Bank
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