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ICICI Direct Report
Indian Bank reported its first quarter of merged numbers with Allahabad Bank. The amalgamation of the bank came into effect on April 01, 2020.
The bank reported a steady performance on business growth but higher provisioning arrested profit after tax growth.
The bank had customers who have two months of their instalments unpaid (for May, June 2020) or have paid zero or one installment at 7% of total loan book (overall moratorium at approximately 23%), which is relatively less compared to peers.
Provisioning for the quarter was elevated at Rs 2139 crore, up 18.6% YoY mainly on the back of 100% provisions for two fraud accounts at Rs 1133 crore.
The bank provided Rs 112 crore for Covid-19 in the quarter. Total Covid provisions held as on June 2020 were at Rs 632 crore (approximately 17 basis points of advances).
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