Indian Bank, a leading public sector bank, today reported a 59.02% drop in net profit at Rs 844.90 million for the fourth quarter ended Mar. 31, 2016 from Rs 2,061.58 million in the same period last year on the back of higher provisions for contingencies.
Total income of the bank increased 2.34% to Rs 45.13 billion during the quarter from Rs 44.10 billion in the corresponding period last year.
The bank has made provision of Rs 8.13 billion, which was higher by 44.62% from prior year period to Rs 5.62 billion.
During the quarter, the gross non-performing assets (NPAs) rose to 55.67% end of fourth quarter of FY16. Similarly, the net NPAs rose to 4.20% from 2.50% in the same period last year.
For the quarter ended Mar. 31, 2016, the capital adequacy ratio under basel-III norms was 13.20%.
