Indian Bank records Rs 190 crore net loss in the last quarter
The public sector Indian Bank has registered a loss of 189.77 crore rupees in the last quarter, as compared to its previous quarter. Its Chairperson and Managing Director Padmaja Chunduru unveiled the bank’s annual financial results yesterday in Chennai. Later, addressing the media, she said, the net profit has turned negative due to two corporate loans turning into NPAs for which no provisioning has been made earlier.
However, she said, the development is a one-off event and expressed confidence that the net profit would turn positive during the next quarter. She said, the global business of the bank has exceeded 4.3 lakh crore rupees, registering a sixteen percent rise.