Indian Bank - Improved Overall Performance: ICICI Direct
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ICICI Direct Report
Indian Bank reported a good set of Q3 FY21 numbers relative to public sector undertaking peers.
Asset quality on a notional/proforma basis remained steady while a pick-up in loan growth remained a positive.
Net interest income for the bank was up 31% YoY, 4.1% QoQ to Rs 4,313 crore, mainly driven by a rise in margins, controlled asset quality and pickup in loan growth.
Net interest margin for the quarter increased 22 basis points YoY, 7 bps QoQ to 3.13% as a rise in low cost deposits helped in a faster decline in cost of funds versus yields.
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