Indian Bank announces results for Q3 FY20

The Board of Directors of the Bank Approved the Balance Sheet and Profit & Loss for the Third Quarter of 2019-20 (Q3 FY20) and for the Nine months period ended December 31, 2019 (April – December FY20), at their meeting held on 24th, January 2020 in Chennai.

Commenting on the results,Ms.Padmaja Chunduru MD&CEO, Indian Bank said, “Bank has delivered yet another satisfying result with Businese and Ralance sheet crossing milestone figure of Rs.4.5 trillion and Rs.3 trillion respectively. Increase of 12% on YoY basis in Business was propelled by good growth hoth in Deposits(14%) and Advances(9%) which is above Industry average. Bank’s advances continued to ride on┬áthe retail growth momentum which now constitutes 64% of the Bank’s Domestic loan book. Retail assets witnessed growth across all segments viz. Retail(22%), Agriculture(13%) and MSME(19%).

The earnings have been good despite recognition of a big HFC account as NPA.The slippages otherwise were contained through close and rigorous follow up which lent stability to the Asset quality metrics. Net NPA% has come down sequentially from 3.54% to 3.50% and Gross NPA%@7.2% was maintained at the same level.

With regard to amalgamation of Allahabad Bank with Indian Bank,the process is on and all activities are following expected timelines.We are sanguine that this would be a seamless integration resulting in good synergy for the Bank and offer improved products and services for the customers.

The Bank is geared up and we expect a good overall performance for FY 20.

Author: nammamadrasnews

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