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Dolat Capital Report
Indian Bank reported net interest income growth of 32% YoY on a merged basis, in line with estimates.
Pre-provision operating profit growth at 40% YoY was better than estimated due to higher fee income and elevated treasury gains.
Decline in gross non-performing assets by approximately100 basis points to 9.9% was led by high write-offs of approximately Rs 29 billion and muted slippages at 40 basis points (annualized).
Including NPA standstill, gross NPA and slippages would stand at 10.2% and 1.5% for the quarter.
Loan growth was flattish sequentially, and up 3% YoY for the amalgamated entity.
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