Indian Bank reports a Rs 1,388 crore gain from sale of NSE shares
Indian Bank gained Rs 1,388 crore from the NSE listing, boosting second-quarter non-interest income by 50% to Rs 3,953 crore. The one-time gain offset pressure from rising bond yields, despite Rs 123 crore in mark-to-market losses. Meanwhile, Canara Bank and UCO Bank reported declines in other income, reflecting weaker treasury earnings.
Kolkata: The public listing of the National Stock Exchange has provided a Rs 1388 crore bonanza to Indian Bank, helping it to grow treasury earnings in the second quarter offsetting the adverse impact of higher bond yields.The one-time gain led to a 50% quarter-on-quarter surge in the bank's non-interest income -- which includes income from treasury operations -- at Rs 3953 crore while other state-owned lenders saw a dip in this parameter."The NSE listing also helped mark-to-market gains," Indian Bank managing director Binod Kumar told ET.The Chennai-headquartered lender owned 0.34% in NSE before the divestment using the offer for sale window during the initial public offer.
