Page 3 - Indian Bank

Indian Bank profit jumps 34% to Rs 690 crore in December quarter

Indian Bank on Monday reported 34 per cent jump in standalone profit after tax (PAT) at Rs 690 crore for December quarter 2021-22 helped by higher non-interest income. The state-owned lender had reported a PAT of Rs 514 crore for the year-ago period. During the quarter our operating profit grew 16 per cent. This was driven by growth in NII and other income. Our fee income rose by 11 per cent, forex income by 32 per cent and recovery in bad debts also increased by 111 per cent, Managing Director and CEO S L Jain told reporters. Net interest income (NII) marginally grew by 2 per cent to Rs 4,395 crore from Rs 4,314 crore in the year-ago period. Operating profit rose 16 per cent to Rs 3,288 crore. Non-interest income surged 36 per cent to Rs 1,556 crore. Fee income and forex income grew 11 per cent and 32 per cent, respectively. The bank's recovery of bad debts increased by 111 per cent to Rs 278 crore in the quarter. Domestic net interest margins (NIM) declined by 10 basis points t

Nifty PSU Bank index soars 5%; SBI hits record high, up 3%; BOB zooms 10%

The Nifty PSU Bank index climbed to a fresh two-year high even as the NSE benchmark slipped a per cent.

Budget 2022 seeks to support economic growth momentum, say bankers

The union budget for 2022-23 seeks to support the recent economic growth momentum and help it sustain over the long-term, MD&CEO of Bandhan Bank Chandra Sekhar Ghosh said on Tuesday. He said the substantial rise in planned capital expenditure for creation of infrastructure, focus on affordable housing and development of the MSMEs and the farm economy will prepare India for the next phase of growth. The extension in timeline and increased outlay towards emergency credit line guarantee scheme and additional infusion of funds in the credit guarantee trust for micro and small enterprises will provide relief to the sector, Ghosh said. The significant additional allocation towards PM Awas Yojana will boost demand for affordable housing and also for housing finance, he added. MD&CEO of Indian Bank Shanti Lal Jain called the union budget a growth oriented budget against the backdrop of the pandemic. Focus on clean energy, infrastructure, agriculture, MSME, education, digital economy,

Edelweiss group partners Indian Bank for co-lending to priority segment

Diversified financial group Edelweiss on Monday said Edelweiss Housing Finance Ltd and ECL Finance Ltd have entered into co-lending partnership with Indian Bank for lending to priority sector areas.

CARE upgrades by a notch AT1 bonds ratings of 4 state-owned lenders

Agency sees improvement in capital cushions over minimum regulatory requirement, improvement in profitability.

Indian Bank launches video KYC facility enabled by VCIP technology

The Video KYC facility further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer

Nifty seems to have strong resistance near 18,000-mark, says Vinay Rajani

Among stocks, the technical analyst from HDFC Securities recommends buying M&M Finance and Indian Bank

IndBank Q2 net up 164% to Rs 1,089 cr on surge in other income, recoveries

Gross NPAs come down to 9.56% form 9.89% a year ago; advances up 5%

Indian Bank reports second quarter net profit at Rs 1,089.17 crore

Gross NPA (non-performing asset) was at 9.56 per cent of gross advances as on September 2021 brought down by 33 basis points year on year

IDBI Bank reports 75% jump in net profit to Rs 567 crore in second qtr

The LIC-controlled bank had earned a net profit of Rs 324 crore in the same period (July-September) of the last fiscal.

Remain long on Nifty; bet on Indian Bank, Tata Coffee, says Vinay Rajani

The stock of Indian Bank has broken out from ascending triangle on the weekly charts

Sensex snaps 4-day losing streak, ends 534 pts up; Nifty tad below 17,700

Stock market LIVE: Sectorally, all the indices were in the green, led by the Nifty Realty index (up 3.5 per cent)

Indian Bank picks up 13.2% stake in National Asset Reconstruction Company

The investment of equity stake of 13.27 per cent would be reduced to 9.90 per cent by December 31, 2021, Indian Bank added

Govt extends tenure of Indian Bank ED V V Shenoy till March 2022

Indian Bank on Tuesday said the government has extended the tenure of its Executive Director V V Shenoy till March 2022

Bank of Baroda ED SL Jain appointed as Indian Bank MD & CEO

Bank of Baroda on Monday said Shanti Lal Jain would cease to be its executive director from September due to his appointment as the MD & CEO of Indian Bank. Jain's cessation as the executive director of Bank of Baroda will be effective from September 1, 2021, the bank said in a regulatory filing. Giving reason for his cessation, the public sector lender said Jain has been appointed as the Managing Director and Chief Executive Officer of Indian Bank, to be effective on or after September 1, 2021.

Harvard Business Publishing features merger of Indian Bank, Allahabad Bank

State-owned Indian Bank has been featured in the Harvard Business Publishing for its successful merger of Allahabad Bank.

Govt appoints Shanti Lal Jain as MD and CEO of Indian Bank for 3 years

Jain is presently the Executive Director of Bank of Baroda

S&P upgrades outlook on Indian Bank to stable on funding, liquidity profile

The rating agency affirmed Indian Bank's "BBB-" ratingm but ruled out any upward revision in the next one to two years

Indian Bank signs MoU with SINE, IIT-Bombay, to fund MSMEs, start-ups

Public sector Indian Bank on Tuesdaysigned an MoU with Society for Innovation and Entrepreneurship (SINE), IIT Bombay for extending exclusive credit facility to start-ups and MSMEs

Govt banks continue to have truncated boards, 10 don't even have a chairman

Meeting quorum of board sub-committees becomes difficult sometimes, say bankers