Chennai (Tamil Nadu) [India], June 23 (ANI): Public sector Indian Bank said on Tuesday its net loss for the January to March quarter expanded to Rs 218 crore from Rs 190 crore in Q4 FY19.
This was largely due to higher provisions of Rs 1,921 crore in Q4 FY20 as compared to Rs 1,435 crore in Q4 FY19.
While the interest income moved up to Rs 5,467 crore from Rs 4,968 crore in the same period, interest expenses too climbed from Rs 3,204 crore to Rs 3,490.
That resulted in a net interest income of Rs 2,003 crore in Q4 FY20 as against Rs 1,763 crore in Q4 FY19.
However, net profit for FY 20 was at Rs 753 crore with a year-on-year growth of 134 per cent over Rs 322 crore in FY 19.
Total advances grew by 10 per cent to reach Rs 205,890 crore driven primarily by growth in retail (16 per cent), housing loans (24 per cent), mortgage loans (17 per cent), agriculture (14 per cent), MSME (13 per cent) and overseas advances (11 per cent).
But corporate loans growth was muted at 3 per cent year-on-year.
Allahabad Bank was merged with Indian Bank effective from April. “Post amalgamation, the merged entity enjoys the benefits of larger balance sheet size, optimised capital utilisation and wider geographic reach leading to deeper penetration,” it said.
(ANI)
