Indian Bank has launched its new branch in Kovaipudur, taking its branch tally in Coimbatore to 88. The bank has decided to increase its focus on retail business. As per available data, total retail loan portfolio of the bank in Coimbatore, Tirupur and Nilgiris stands at Rs. 3,000 crore.
Indian Bank will organise a mega loan mela at its regional office located near Arivoli Park and at five other places of the district on 17 and 18 Sept, 2016. The purpose of these camps is to disburse loans to the tune of Rs. 60 crore. The bank will give housing loan, MSME loans, vehicle loan for business projects, Pradhan Mantri Mudra Loans and loans for green field enterprise under Stand Up India scheme to SC/ST applicants.
Indian Bank reported a 42.77 per cent increase in net profit at Rs 307.36 crore for the first quarter ended June 30 after the rise in net interest income and fall in expenses. Total income for the bank also rose to Rs 4,512.96 crore during the June quarter from Rs 4,494.53 crore in the same period during previous fiscal year. The Net NPA of the bank rose to 4.48 per cent at the end of June 2016. The bank reported higher provisioning at Rs 416 crore in the first quarter of current fiscal FY17.
As per the results for Q1FY17, Indian Bank reported 42.8 percent increase in its Net Profit to Rs 307.4 crore. The increase on Net Profit was largely attributable to an increase in Other Income, Operating Profit and stable provisions. The growth in Net Profit was achieved despite higher tax cost. The Net Interest Income was reported at Rs 1,236.32 crore, an increase of 10.4 percent on a yoy basis. Similarly, Other Income (Non Interest Income) was reported at Rs 441.7 cror ean increase of 17.6 percent on a yoy basis.. Asset quality showed mild signs of weakening as Gross NPAs as a percentage of Gross Advances increased by 31 basis points to 6.97 percent and Net NPAs a s a % of Net Advances increased by 28 basis points to 4.48 percent when compared on a sequential basis.
Indian Bank has reduced the interest rates on home and vehicle loans by up to 0.20 per cent with immediate effect. As per the revised rate of interest, home loans for up to Rs 75 lakh, the interest rates has been revised from 9.65 per cent to 9.55 per cent while for loans above Rs 75 lakh it has been reduced to 9.75 per cent from 9.90 per cent. For loans towards purchase of new cars, the interest rates were cut to 9.95 per cent from 10.15 per cent.
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