Two nationalised banks which made a profit in fiscal year 2017-18
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Early last year, officials from a Mumbai-headquartered conglomerate, weighed down by its massive debt, sent a top finance executive to Chennai, to work out a big-ticket loan from Indian Bank. The bank weighed the proposal of the highly leveraged company, and said a straight no. The clout of the group’s high-profile promoter did not faze the bank officials.
This unrelenting clarity in its approach to lending is one of the factors that has scripted an unlikely turnaround for Indian Bank, the 111-year-old Chennaiheadquartered institution. Just two decades ago, it was mired in a corruption scandal and needed a government bailout to survive. Its then MD was jailed. Now, the story has dramatically reversed. It’s one of the only two nationalised banks, out of a cohort of 19, which made a profit last fiscal year. It has the lowest non-performing assets (NPAs) in the industry at a time when spiralling NPAs have become a threat to many banks. Its exposure to sectors prone to scandal or business failure, such as gems and jewellery or power, is very low.
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