Indian Bank profit triples to Rs 1,182 cr

Indian Bank has recorded a net profit of Rs 1,182 crore in the quarter ended 30 June, 2021, marking a 220 per cent increase from profit of Rs 369 crore seen in the corresponding quarter in the previous fiscal.

The bank saw its net profit decline 31 per cent sequentially in comparison to Rs 1,709 crore registered in the March quarter of FY21.

Padmaja Chunduru, managing director and chief executive of the bank said post amalgamation (of Allahabad Bank in April 2020), the synergy benefits are coming in terms of cost efficiencies resulting in cost to income ratio of 40.86 per cent as against 47.06 per cent in the previous year.

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