Page 4 - Indian Bank

Indian Bank nears 52-week high in a weak market; stock up 19% in 3 months

Indian Bank said it is in a better financial health, well capitalised and the asset quality is continuously improving.

Indian Bank Q3 net profit doubles to Rs 1,396 cr as bad loans decline

State-owned Indian Bank on Wednesday reported nearly two-fold jump in profit at Rs 1,396 crore in the quarter ended December 2022, driven by increase in interest income and decline in bad loans. The net profit of Chennai-based lender stood at Rs 690 crore in the same quarter of the preceding financial year. Total income increased to Rs 13,551 crore in the quarter from Rs 11,482 crore in the year-ago period, the bank said in a regulatory filing. At the same time, Net Interest Income increased by 25 per cent to Rs 5,499 crore as against Rs 4,395 crore in the same quarter a year ago. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 6.53 per cent of gross advances as compared to 9.13 per cent at the end of the third quarter of 2021-22. Net NPAs too eased to 1 per cent from 2.72 per cent in the same quarter a year ago. As a result, provisions for bad loans declined significantly to Rs 1,474 crore from Rs 2 439 crore in t

State-owned Indian Bank hikes lending rates by up to 25 basis points

State-owned Indian Bank on Monday increased lending rates, including the marginal cost of funds-based lending rates (MCLR), by up to 25 basis points. The new rates are effective from January 3, Indian Bank said in a regulatory filing. The Asset Liability Management Committee (ALCO) of the bank has reviewed the Marginal Cost of funds based Lending Rate (MCLR), Treasury Bills Linked Lending Rates (TBLR), Base Rate and Benchmark Prime Lending Rate (BPLR) and decided for an upward revision in MCLR, TBLR, Base Rate and BPLR across various tenors, it noted. The one-year rate is used to fix most consumer loans, such as auto, personal and home loans. The overnight MCLR rate has been revised upward by 25 basis points to 7.75 per cent, while that of one month to six months tenure hiked by 20 basis points, the bank said. For one-year maturity, it said the new rate will be increased to 8.30 per cent against 8.20 per cent. Besides, the lender also revised the treasury bills benchmark lending

Indian Bank unveils QR bill-based payment system for CESC-Mysuru

Public sector Indian Bank on Sunday said it has unveiled QR code bill payment system for Chamundeshwari Electricity Supply Corporation Ltd (CESC) making it as the first power distribution company to offer such an initiative to customers in Mysuru. By using the dynamic QR code linked to the unified payments interface (UPI) on printed electricity bill, customers would be able to make their payments without visiting any online portal or physically going to any payment centre. Instant acknowledgement is issued and the QR code is disabled once the transaction is completed, the Chennai-headquartered bank said in a statement here. Karnataka Minister of Energy V Sunil Kumar formally unveiled the QR code solution in the presence of senior government officials including CESC managing director Jayavibhava Swamy. The CESC is in the process of introducing a new type of bill generation and payment system in coordination with Indian Bank besides a facility to make RTGS-NEFT payments for bulk ...

Nifty PSU Bank index rebounds 11% in 3 days: PSB, BoB climb up to 5%

At 11:35 am; Nifty PSU Bank index, the top gainer among sectoral indices, was up 2 per cent, as against 0.06 per cent decline in the Nifty50

Honda Cars India ties up with Indian Bank to provide vehicle loans

Honda Cars India (HCIL) on Friday said it has tied up with Indian Bank to provide vehicle finance for its customers. The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process, the company said in a statement. The customers can avail financing benefits across over 5,700 branches of Indian Bank and HCIL dealer network across the country, it added. ********* MBRDI, Mercedes-Benz India partner for electric vehicle module course at RV College of Engineering * Mercedes-Benz Research and Development India (MBRDI) on Friday said it has partnered with Mercedes-Benz India to introduce an all-new electric vehicle module in its Advanced Diploma Automotive Diploma (ADAM) course offered at RV College of Engineering in Bengaluru. MBRDI has also contributed a high-tech EV lab to upskill the talent pool in the country and support the industry as it transitions towards electric mobility, the company said in a statement.

Banks need to scale up investments in technology, says RBI's MK Jain

Financial institutions must build capacities in analytics and HR, says central bank deputy governor

Fintech lenders align business model with RBI's digital lending norms

The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category

PSBs' asset quality challenges to pull down FY23 banking outlook

State Bank of India and leading private-sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the system's, S&P added

Indian Bank Q2 net profit up 12% to Rs 1,225 crore in July-Sept quarter

Public sector major Indian Bank has posted a 12 per cent rise in net profit during the second quarter of the financial year to Rs 1,225 crore,

Indian Bank Q2 net up 13% to Rs 1,225 cr as provisions for bad loans fall

Indian Bank on Thursday reported 13 per cent rise in net profit at Rs 1,225 crore for September quarter 2022-23 as provisions for bad loans fell. The bank had posted a net profit of Rs 1,089 crore for the year-ago period. Total income in the quarter increased to Rs 12,538 crore from Rs 11,440.42 crore in the same period a year ago, Indian Bank said in a regulatory filing. Net interest income during the quarter was higher 15 per cent at Rs 4,684 crore. Fee income grew 18 per cent to Rs 723 crore. Asset quality of the bank improved as gross non-performing assets (NPAs) fell to 7.30 per cent of gross advances (equivalent to Rs 31,959 crore) as of September 30, 2022 from 9.56 per cent (Rs 36,886 crore) by the end of same period a year ago. Similarly, net NPAs or bad loans came down to 1.50 per cent (Rs 6,174 crore) from 3.26 per cent (Rs 11,749 crore). However, total provisions for bad loans and contingencies were kept higher at Rs 2,404 crore for the quarter, up 10 per cent from Rs

Flying high! SBI, BoB, Canara Bank poised for up to 18% rally, charts show

The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.

UP gets digital banking footprint with four of the 75 DBUs on its soil

The DBU are being set up to ensure the benefits of digital banking reach the remotest of places

Nifty Bank forms Golden Cross; SBI, HDFC Bank, ICICI Bk can surge up to 18%

Here are trading strategies for key banking stocks that will help you maximise your gain.

Banks in talks with Singapore's DBS to begin real-time remittance system

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

Indian Bank hikes MCLR by 0.10% across tenors from September 3

State-owned Indian Bank has revised the marginal cost of funds-based lending rates (MCLR) by 0.10 per cent across tenors from Saturday, which will make most of the consumer loans costlier. It has also revised the lending rates benchmarked on treasury bills. The Asset Liability Management Committee (ALCO) of the bank has reviewed the Benchmark Lending Rates and decided on an upward revision in MCLR and TBLR across various tenors, the lender said in a regulatory filing on Thursday. The benchmark one-year MCLR will be 7.75 per cent from September 3 against the existing rate of 7.65 per cent. The one-year rate is used to fix most consumer loans such as auto, personal and home loans. The overnight to six months tenor MCLRs are raised by 0.10 per cent each in the range of 6.95 to 7.60 per cent. Besides, the lender also revised the treasury bills benchmark lending rate (TBLR) in the range of 5.55 per cent to 6.20 per cent for various tenors.

Nifty PSU Bank index can rally up to 13%; check top stock picks

The PSU Bank index has rallied 31 per cent as against a 16 per cent surge in the benchmark from June lows; Among stocks, Bank of Baroda, Indian Bank and Union Bank of India can rally up to 16%.

IDFC, Indian Bank, Yes Bank put SpiceJet loans on high-risk: Report

The lenders are concerned about SpiceJet's cash flows and have held discussions seeking assurances from the budget carrier, as it is behind on payments to some aircraft lessors, say sources

Indian Bank inks MoU with SRM University in Andhra to lend up to Rs 50 cr

This collaboration will further strengthen the MSME sector, stated University Registrar Dr. R Premkumar, signing the MoU.

Indian Bank posts 4% rise in net profit to Rs 1,311 crore in first quarter

Total income of the bank during the April-June quarter of 2022-23 also increased by 3 per cent to Rs 11,898 crore from Rs 11,553 crore in the year ago period