Indian Bank’s net dips 26.7 pc

Tags: Companies
Indian Bank's net profit declined 26.7 per cent in the financial year and 7.1 per cent in the quarter ended March 31, 2014 as provisions and contingencies rose 24.87 per cent.

Despite a 9.49 per cent growth in total income to Rs 16,620.88 crore, the net profit of the year stood at Rs 1,158.94 crore against Rs 1,581 crore in the previous fiscal.

The bank’s provisions and contingencies rose 24.87 per cent to Rs 593.92 crore in Q4 FY14 against Rs 475 crore in Q4 2013 and Rs 237 crore in December quarter. Provision coverage ratio in the March quarter stood at 57.77 per cent.

Bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 3.67 per cent from 3.33 per cent as on March 2013 and 3.42 per cent in the December quarter. The ratio of net NPAs to net advances however remained unchanged at 2.26 per cent in the March quarter against the same quarter of the previous fiscal, but went up from 2.25 per cent in December quarter.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 13.1 per cent at the end of the March quarter, as against 12.96 per cent as on 31 December 2013 and 13.08 per cent as on 31 March 2013.

For the quarter ended March 2014, the bank reported a net profit of Rs 271 crore compared to Rs 292 crore in the year-ago period. The total income in the quarter however rose to Rs 4,234 crore, against Rs 4,022 crore in the March quarter of FY13.

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