New Delhi: Public sector Indian Bank’s profit more than doubled to Rs 514.28 crore in the third quarter of the current financial year ended December 2020. This earned the bank a net profit of Rs 247.16 crore in the same quarter of the previous financial year. The bank reported on Friday that its total income rose to Rs 11,421.34 crore during the quarter under review, from Rs 6,505.62 crore in the same quarter of the previous fiscal.
However, the bank’s gross non-performing assets (NPAs) rose to 9.04 percent of total loans during the quarter, from 7.20 percent in the year-ago period. The net NPA of the bank declined to 2.35 per cent in the reporting period, from 3.50 per cent in the same quarter of the previous financial year. The bank said that it made a provision of Rs 2,314.35 crore during the quarter for submerged debt and other contingency expenses. Provisions of Rs 1,529.26 crore had to be made in the same quarter of the last financial year.