Indian Bank Q4FY24 results: Net profit rises 55% to Rs 2,247 crore

State-run Indian Bank posted a 55 per cent rise in net profit to Rs 2,247 crore in Q4FY24, compared to Rs 1,447 crore in the same period in FY23, due to a rise in income and improved asset quality.

The Chennai-based lender’s total income increased by 19 per cent to Rs 16,887 crore in the March quarter of FY24, from Rs 14,238 crore in the same period in FY23. As on March 31, 2024, the company’s gross non-performing assets (NPA) were 3.95 per cent of gross advances, compared to 5.95 per cent during the same period in 2023.

Similarly, net NPA was seen at 0.43 per cent of gross advances as on March 31, 2024, compared to 0.90 per cent during the same period in 2022-23. Net Interest Income (NII) increased by 9 per cent year-on-year (Y-o-Y) to Rs 6,015 crore in the March quarter of FY24, from Rs 5,508 crore in the March quarter of FY23.

 

On the other hand, the bank’s net profit for the entire financial year was up by 53 per cent to Rs 8,063 crore in FY24, from Rs 5,282 crore in FY23. During the year under review, the bank’s total income increased by 22 per cent to Rs 63,482 crore, from Rs 52,085 crore in FY23.

During the fourth quarter, its operating profit improved by 7 per cent Y-o-Y to Rs 4,305 crore in March 2024 from Rs 4,016 crore in March 2023. The bank’s net interest income increased by 9 per cent to Rs 6,015 crore in March 2024, from Rs 5,508 crore in March 2023.

Total deposits increased by 11 per cent Y-o-Y, reaching Rs 6,88,000 crore in March 2024. CASA deposits grew by 8 per cent, savings deposits grew by 7 per cent, and current deposits by 9 per cent Y-o-Y. Gross advances also increased by 13 per cent Y-o-Y to Rs 5,33,773 crore from Rs 4,73,586 crore in March 2023.