January 25, 2024
admin
Indian Bank net up 52 per cent to Rs 2,119 crore
Indian Bank on Wednesday reported a 52% jump in its net profit to Rs 2,119 crore for the third quarter of FY24 as compared to Rs 1,396 crore in the corresponding quarter of last fiscal owing to higher income growth and reduced bad assets. Total income of the bank stood at Rs 16, 100 crore as compared to Rs 13,550 crore, registering a growth of 19%.
Net interest income (NII) of the bank increased by 6% to Rs 5,815 crore from Rs 5,499 crore while fee based income grew by 21% to Rs 852 crore. Return on assets (RoA) was up by 31 bps to 1.11% from 0.80% and return on equity (RoE) increased by 471 bps to 19.92% from 15.21%. Yield on advances up by 59 bps to 8.78% from 8.19%. Its domestic net interest margin (NIM) stood at 3.49%.
Gross non-performing assets decreased by 206 basis points to 4.47% and net NPA reduced by 47 bps to 0.53%. Slippage ratio contained to 1.28% in comparison to 1.77% in September quarter, marking an improvement of 49 bps. Provision coverage ratio improved by 231 bps to 95.90%. Capital adequacy ratio stood at 15.58%, Indian Bank said in a statement.
Gross advances of the bank increased by 13% Rs 5,09,800 crore, while total deposits by 10% to Rs 6,54,154 crore. CASA deposit grew by 8%, savings deposit grew by 7% and current deposit by 12%. The bank is strategically channelising its efforts towards optimising the mobilisation of CASA deposits, it said.
Quicklinks
- Staffavailable.com
- BigGaddi.com
- ChanakyaMFGuidance.com
- Magajmari.com
- AnalysisLibrary.com
- Calls for the Day
