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Indian Bank's log Q2 standalone net profit of Rs 412 cr

Indian Bank on Thursday reported a standalone net profit of Rs 412.28 crore for the July-September quarter.

In a statement, it said that during the corresponding period of the last fiscal, the bank had reported a net loss of Rs 1,755 crore.

Its Net Interest Income (interest income less interest expenditure) during the second quarter of FY 2021 rose by 32 per cent to Rs 4,144 crore, from Rs 3,139 crore for Q2 FY20. On a QoQ sequential basis, it increased by 7 per cent.

Net revenue of the bank — Net interest income plus other income — for Q2 FY21 grew by 31 per cent and was at Rs 5,755 crore as against Rs 4,388 crore for Q2FY20.

MD and CEO Padmaja Chunduru said: "This has been a quarter of strong growth in all key parameters. The bank has recorded 40 per cent growth in operating profit and earned net profit of Rs 412 crores during the quarter."

The CEO further said that the amalgamation of Allahabad Bank with Indian Bank which came into effect from April 1 is progressing "very satisfactorily" with more than 100 offices merged or rationalised so far..