InvestorQ : How do you see the sharp turnaround in the performance of Indian Bank in the quarter ending Mar-21?
Dilmini Mercia made post

How do you see the sharp turnaround in the performance of Indian Bank in the quarter ending Mar-21?

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Dawn Cherian answered.
4 weeks ago
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Indian Bank reported a net profit of Rs.1,708.85 crore in the March-21 quarter compared to a net loss of Rs.217 crore in the Mar-20 quarter. Even sequentially, the net profits were sharply higher on account of lower loan loss provisions necessitated in the current quarter. However, the Mar-20 period pertains to standalone numbers before the amalgamation of Allahabad Bank. The merger had been effective from April 2020 as per government plan.

Total revenues during the Mar-21 quarter were higher by 68% at Rs.10,648 crore. For the full FY21, net profits stood at Rs.3,005 crore while the full fiscal year total income stood at an impressive Rs.45,185 crore. However, the amalgamation of Allahabad Bank also resulted in the gross NPAs up sharply from 6.87% to 9.85%. Net NPAs were also higher at 3.37%. The bank made provisions for bad loans of Rs.1,752 crore compared to Rs 1,892 crore last year.

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