Public sector lender Indian Bank has posted a decrease of 15.4% in net profit at Rs 292.12 crore for the quarter ended March 31, 2013, as compared to Rs 345.41 crore for the same period of previous fiscal.
Moody’s, the rating agency, on Monday downgraded its Standalone Bank Financial Strength Rating (BFSR) for three public sector banks – Indian Overseas Bank, Syndicate Bank and Oriental Bank of Commerce.
Indian Bank's (INBK) reported PAT for 3QFY13 declined 37% YoY and 33% QoQ to Rs 350 crore (24% below our estimate), led by weak fee income (up 3% YoY on a lower base) and higher provisions (Rs 410 crore; 50% above our estimate).
Indian Bank has dipped 4.4% to Rs 194 in otherwise firm market after reporting 37% year-on-year (yoy)drop in net profit at Rs 331 crore for the third quarter ended December 31, 2012 (Q2) due to higher provisioning for bad loans.
Public sector lender Indian Bank has posted a drop of 37.1% in net profit for the quarter ended December 31, 2012, at Rs 330.58 crore compared to Rs 525.92 crore net profit during the same period of last fiscal, mainly owing to the higher provisioning
Indian Bank was planning to merge its housing finance arm, Ind Bank Housing Ltd, with itself by March 31, and was looking for a consultant to advise it on the same, a senior bank official said on Friday.
Indian Bank is planning to open 1,525 ultra small branches in rural areas across the country. This is part of the bank’s plan to expand its presence in rural areas, said TM Bhasin, chairman and managing director.
The Chennai-headquartered bank registered net profit at Rs 345.41 crore for the fourth quarter ended March 31, down by 21.2%, from Rs 438.85 crore registered during the same period of previous year, Indian Bank CMD T M Bhasin said.
Indian Bank has revised interest rates on FCNR (B) term deposits with effect from May 1, 2012. For FCNR (B) deposits, in US dollar, the revised interest rate has been fixed at 2.30 per cent for deposits of one year and above, but less than two years (2.30