Indian Bank posts Rs 1,709-crore net profit in FY21 Q4

Provisions and contingencies had been at Rs 839 crore as towards Rs 4,042 crore and working bills decreased by 4% to Rs 2,530 crore as towards Rs 2,637 crore.

Public sector lender Indian Bank on Friday reported a web revenue of Rs 1,709 crore for the fourth quarter of FY21. The Chennai-based financial institution incurred a Rs 1,641-crore web loss in the identical quarter final fiscal. Complete earnings of the financial institution was at Rs 10, 648 crore as in comparison with Rs 11,485 crore, registering a drop of seven%.

The amalgamation of Allahabad Bank into Indian Financial institution got here into impact on April 1, 2020. Accordingly, the mixed financials as on March 31, 2020, had been arrived at by aggregation of audited numbers of the 2 banks, Indian Financial institution stated.

Padmaja Chunduru, MD & CEO, Indian Financial institution, stated all of the parameters similar to enterprise, earnings, asset high quality and capital have made important enchancment within the fourth quarter.

The web curiosity earnings of the financial institution rose by 1% in Q4FY21 to Rs 3,334 crore from Rs 3,310 crore in Q4FY20 and on a sequential foundation, it decreased by 23%. The web curiosity margin (NIM) decreased by 33 foundation factors (bps) and was at 2.34% as towards 2.67%. Non-interest earnings was at Rs 1,744 crore as towards Rs 1,728 crore, on account of upper revenue on sale of funding, foreign exchange earnings and PSLC fee.

The CASA deposits recorded a year-on-year (y-o-y) progress of 14% and share of CASA to complete deposits was 42% in March 2021 as towards 41% a 12 months in the past. Development in CASA was primarily, pushed by a y-o-y enhance of 32% in present account deposits and 12% in financial savings account deposits.

The asset high quality of the financial institution improved in This autumn, the gross NPA was at 9.85% of gross advances as on March 2021, introduced down by 154bps y-o-y from 11.39% as on March 2020. The web NPA got here down to three.37% from 4.19% with a discount of 82 bps y-o-y. Its complete capital adequacy ratio (CRAR) was at 15.71% with progress of 244 bps y-o-y. On a sequential quarter foundation, it elevated by 165 bps from 14.06% in Q3FY21.

Provisions and contingencies had been at Rs 839 crore as towards Rs 4,042 crore and working bills decreased by 4% to Rs 2,530 crore as towards Rs 2,637 crore.

Complete enterprise recorded progress of 8% y-o-y, reaching the extent of Rs 9,28,388 crore in March 2021 as towards Rs 8,57,499 crore in March 2020. Complete deposits grew by 10% y-o-y to Rs 5,38, 071 crore as in comparison with Rs 4,88, 835 crore. Precedence sector portfolio elevated to Rs 1,30,274 crore from Rs 1, 27, 542 crore, the financial institution stated.