Indian Bank reports standalone 4qtr net at Rs 217.73 cr
The city-headquartered bank had reported net profits at Rs 189.77 crore in the corresponding quarter previous year.
For the full year ending March 31, 2020 standalone net profits surged to Rs 753.35 crore from Rs 321.95 crore registered a year ago.
The standalone total income for the January-March quarter grew to Rs 6,334.36 crore from Rs 5,537.46 crore registered in the same quarter of the previous year.
For the year ending March 31, 2020, standalone total income grew to Rs 24,717.43 crore from Rs 21,067.70 crore registered in the last fiscal.
On the amalgamation with Allahabad Bank, the bank said the merged entity enjoys the benefits of larger balance sheet size, optimised capital utilisation and wider geographic reach leading to deeper penetration.
The bank has access to a larger talent pool, better products and opportunities.
It would also leverage upon the increased operational and process efficiencies, the bank said.
Commenting on the financial performance, the bank's Managing Director Padmaja Chunduru said, "Bank's business grew at eight per cent to touch Rs 4.66 trillion mark on the back of credit growth of 10 per cent and deposits growth of seven per cent".
"Growth in advances was led by the retail sector, which grew at 16 per cent and well supported by agriculture and MSME sector with a growth of 14 per cent and 13 per cent respectively.
The overseas advances grew by 11 per cent", she said.
The MD said the amalgamation of Allahabad Bank into Indian Bank has been successfully completed.
"The integration activities are proceeding as per expected timelines.
The amalgamated entity would leverage on the combined strengths of both banks," she added. VIJ APR RAVINDRANATH APR RAVINDRANATH