Chennai, Jan 24 (TIWN) Boosted by an Income Tax refund, Indian Bank closed the third quarter of the current fiscal with 62 per cent growth in net profit at Rs 247 crore and hopes the contraction in the corporate loan sector would reverse soon, a top bank official said on Friday.

MD and CEO Padmaja Chunduru also said the bank logged improved performance in all the parameters despite one corporate account turning bad during the quarter under review and the merger process with Allahabad Bank is progressing smoothly.

Announcing the results for the quarter ended December 31, 2019, she told reporters that the bank has posted a net profit of Rs 247 crore up from Rs 152 crore logged during the corresponding period of the previous year.

During the quarter under review, the bank got a tax refund of Rs 296 crore.