Indian Bank Q3 revenue greater than doubles to Rs 514 crore

State-owned Indian Bank on Friday reported greater than doubling of its revenue at Rs 514.28 crore for the third quarter ended December 2020.
The financial institution’s revenue within the year-ago interval stood at Rs 247.16 crore.
Total revenue through the quarter underneath evaluate was Rs 11,421.34 crore, up from Rs 6,505.62 crore in the identical interval a 12 months in the past, Indian Bank mentioned in a regulatory submitting.

However, the financial institution’s goss non-performing belongings (NPAs) as a share of belongings rose to 9.04 per cent throughout October-December 2020-21 from 7.20 per cent within the year-ago interval.
The share of internet NPA was decrease at 2.35 per cent as in opposition to 3.50 per cent.
The financial institution additional mentioned it had made provisioning of Rs 2,314.35 crore in direction of unhealthy loans and contingencies as in opposition to Rs 1,529.26 crore in the identical quarter a 12 months in the past.
During the quarter ended December 31, 2020, the financial institution raised further tier-1 capital in three tranches aggregating to Rs 2,000 crore via personal placement of Basel III compliant AT 1 Perpetual Bonds.

Non-performing mortgage provision protection ratio is 86.51 per cent as on December 2020, it mentioned.