Indian Bank Surges 6% as Asset Quality Improves in Q4

Shares in Indian Bank jumped over 6 per cent to an intraday high of Rs 164.75 on Thursday after the public sector lender reported an improvement in its asset quality for the January-March quarter.
  Indian Bank's gross non-performing assets as a percentage of total advances came in at 4.4 per cent as compared to 4.52 per cent in the December quarter; its net non-performing assets declined to 2.5 per cent as compared to 2.74 per cent in the last quarter.
  Operational performance of Indian Bank was not very encouraging in the March quarter. Its net profit declined 24 per cent annually to Rs 206 crore compared to Rs 271 crore in the corresponding quarter of last fiscal.
  Net interest income (NII), which is the difference of interest earned on advances and interest expended on deposits came in at Rs 1,108 crore against Rs 1,079 crore year-on-year.
  Indian Bank has made a total provision of Rs 562 crore towards bad loans as compared to Rs 594 crore last fiscal.
  Shares of Indian Bank closed 1.84 per cent higher at Rs 157.75 apiece against 0.14 per cent loss in the broader Nifty.