Public sector lender Indian Bank on Thursday (October 26) reported a 62.3% year-on-year (YoY) jump in net profit at ₹1,987.8 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Indian Bank posted a net profit of ₹1,225.2 crore, the lender said in a regulatory filing.
Net interest income (NII) of the lender grew 22.5 percent year-on-year to ₹5,740.3 crore against ₹4,684 crore in the same period previous fiscal.
The gross non-performing asset (GNPA) stood at 4.97% in the September quarter against 5.47% in the June quarter. Net NPA came at 0.60% against 0.70% quarter-on-quarter.
In monetary terms, gross NPA stood at ₹24,487.5 crore against ₹26,226.9 crore quarter-on-quarter, whereas net NPA came at ₹2,825.8 crore against ₹3,197.5 crore quarter-on-quarter.
The fee-based income grew by 11% year-on-year to ₹1,805 crore in September 2023 from ₹723 crore in September 2022. The NIM (Domestic) increased to 3.52% in September 2023 from 3.20% in September 2022.
The Return on Assets (ROA) improved to 1.06% in September 2023 from 0.71% in September 2022. Return on Equity (RoE) improved by 607 bps to 19.90% in September 2023 from 13.83% in September 2022.
The cost-to-income Ratio stood at 44.36% in September 2023 as against 44.27% in September 2022. The bank's deposits increased by 9% year-on-year and reached Rs 6,40,803 crore in September 2023. The Capital Adequacy Ratio stood at 15.53%, CET-I at 12.07% & Tier-I Capital at 12.63%.
The results came after the close of the market hours. Shares of Indian Bank ended at ₹400.45, down by ₹8.45, or 2.07 percent on the BSE.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM
Lok Sabha Election 2024 — how regional parties are challenging national giants in Phase-4
May 15, 2024 6:17 AM
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM
Punjab Lok Sabha elections 2024: A look at BJP candidates
May 14, 2024 7:06 PM