more-inIndian Bank has reported about 59 per cent drop in its standalone net profit for the fourth quarter ended March 31, 2018 at ₹ 131.98 crore against ₹ 319.70 crore in the corresponding quarter the previous year due to higher provisioning. Briefing reporters, Kishor Kharat, managing director and CEO, Indian Bank, said the drop in profit was due to increase in provisioning coverage from 59 per cent to 65 per cent. During the period under review, the bank reported total income of ₹ 4,954.20 crore against₹ 4,601.89 crore. The bank had set a business target of ₹ 3.6 lakh crore for 2017-18. It, however, closed at₹ 3.71 lakh crore, he added.

Source: The Hindu May 10, 2018 09:56 UTC