Indian Bank Net Down, Hopes to Recover Rs 850 Crore from NCLT Accounts

Chennai: Indian Bank hopes to recover about Rs 850 crore over the next two quarters out of loan accounts referred to National Company Law Tribunal (NCLT), said a top bank official here on Friday. Padmaja Chunduru, Managing Director and CEO, said higher provisioning for bad loans, mark-to-market losses, and lower trading income resulted in Indian Bank’s net profit going down to Rs 150.14 crore for the second quarter. Announcing the bank’s second-quarter results Chunduru told the media that Rs 250 crore was expected to be realized during the third quarter and Rs 600 crore during the fourth quarter of the current fiscal. “The amounts expected to be realized are realistic,” she said. (IANS)

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