Indian Bank - Impressive Q3 Performance: Dolat Capital
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Dolat Capital Report
Indian Bank reported net interest income and pre-provision operating profit growth of 31% and 10% YoY respectively on a merged basis, in line with expectations.
Pro-forma gross non-performing assets were marginally higher at 10.38% against 10.2% in the previous quarter, with pro forma provision coverage ratio at 69%.
The bank has made provisions of 20% against standstill NPAs. Restructuring pipeline was at 1.62% of standard advances.
This excludes micro small and medium enterprise restructuring under the earlier relief programme at 1.1% of loans.
Majority of restructuring proposals (~85%) were from the corporate book, including the bank’s exposure to Future Group.
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