Indian Bank's net profit rises by 42%; shares up 4%

Indian Bank on Tuesday reported a rise of 42% in net profit. The bank registered a net profit of Rs 307.3 crore for the quarter ended on June 30, 2016 as compared to Rs 215.2 crore for the quarter ended on June 30, 2015.

Soon after the announcement of the results, the shares of the company surged over 4%. At 1248 hours the shares of the company were trading at Rs 162 per piece, or up 4.38%. It touched a high at Rs 168 and low at Rs 151.60.

The company's total income increased from Rs 4494.5 crore in Q1FY16 to Rs 4512.9 crore in Q1FY17. 

The gross non-performing assets of the bank rose from 4.65% in June 2015 to 6.97% in June 2016, an increase of 232bps. 

The total expenditure excluding provisions and contingencies declined on year-on-year basis to Rs 360.97 crore from Rs 378.58 crore in Q1FY16.