Indian Bank reports 34% rise in Q3 profits to Rs. 690 crore

Indian Bank reported a 34 per cent year-on-year (YoY) rise in net profit at Rs 690 crore for the December quarter, despite a 21 per cent growth in provisions and contingencies. Net profit was Rs 514 crore in the year-ago period.

The bank saw a 30 per cent rise in earnings from treasury operations, unlike most of its peers, helping its profit numbers.

Its net interest margin from domestic operation was at 3.03 per cent for the December quarter against 2.89 per cent for the preceding quarter. The NIM was 3.13 per cent in the year-ago period.

The bank’s operating profit rose 16 per cent to Rs 3,288 crore for the quarter against Rs 2,846 crore in the year-ago period. Net interest income was at Rs 4,395 crore compared with Rs 4,314 crore over the same period. The bank set aside Rs 2,493 crore for provisions and contingencies in the quarter under review against Rs 2,061 crore it did earlier.