Indian Bank posted a stellar set of first quarter numbers. Net interest income (NII) growth was the best for the company in recent times and asset quality continues to improve.
Andhra Bank's MD & CEO Suresh Patel says large accounts particularly in the construction and iron and steel are major contributors to slippages.
There will be no major pains with respect to slippages, says Jain. Out of the Rs 825 crore fresh slippages in Q1 of current fiscal, Rs 93 crore was an addition due to existing non-performing assets (NPA). Also there was a Rs 758 crore recovery and upgradation.
The bank will focus on the retail segment and expects 11-12 percent loan growth in FY16, Mahesh Kumar Jain, MD & CEO of Indian Bank said.
Saswata Guha, Director â€“ Financial Institutions, Fitch Ratings (India) told CNBC-TV18 that despite injection of capital by the government, PNB‘s balance sheet has inadequate capital to meet uncertain risks.
The reason for the 4 percent net profit growth was that the bank had to provide depreciation on the investment book because of a spike in the yield curve due to the Greece issue, says M K Jain, MD and CEO of Indian Bank.
Indian Bank‘s fresh slippages in the third quarter stood at Rs 531 crore against Rs 700 crore quarter-on-quarter.
In an interview to CNBC-TV18, TM Bhasin, CMD, Indian Bank spoke about Q1 numbers and exposure to Lanco Infratech, which has proposed debt recast for loans worth Rs 7500 crore.
TM Bhasin, chairman and MD, Indian Bank says, in an interview to CNBC-TV18, that there will be no cut in lending rates and going ahead, net NPA is expected to be less than 2 percent.
Indian Bank has announced its results for the first quarter. Chairman and managing director TM Bhasin explains to CNBC-TV18 the various aspects of the company‘s performance during the quarter including the significant improvement in asset quality.
CNBC-TV18 catches up with T M Bhasin, chairman and managing director of Indian Bank to get a rounded view of the quarterly numbers and the way ahead for the bank.
CMD of Indian Bank, TM Bhasin told CNBC-TV18 that their good profitability came on account of good recoveries in the quarter.
Reporting a net profit of Rs 407 crore versus Rs 368 crore, its first quarter results for FY12, chairman and managing director of Indian Bank, TM Bhasin says, “For the year as a whole, we expect the NIMs to be around 3.5%."
In an interview with CNBC-TV18, TM Bhasin, CMD, Indian Bank says, the bank expects 25% loan book growth and 25% deposit growth in FY12.
In an exclusive interview with CNBC-TV18, Indian Bank’s chairman and managing director TM Bhasin says the company is likely to continue to grow on the core business of retail deposits and recoveries in FY12.
Indian Bank has come out with its numbers. The net interest income the NII for FY11 has been risen by 27% to come in at Rs 4,036 crore. The profit is higher by 10% at Rs 1,714 crore.
In an interview with CNBC-TV18, TM Bhasin, CMD, Indian Bank, spoke about the third quarter results and gives his outlook going forward.