R ARIVANANTHAM
CHENNAI, MAY 7
The public sector lender Indian Bank on Monday registered a 55 per cent rise in its fourth-quarter (Q4 FY24) profit, at Rs 2,247 crore, from Rs 1,447 crore in the year-ago period. The state-owned lender’s net interest income increased by 9.2 per cent (YoY) to Rs 6,015 crore in Q4 FY24 as against Rs 5,508 crore in the corresponding period last year.
- The state-owned lender’s net interest income increased by 9.2 per cent (YoY) to Rs 6,015 crore in Q4 FY24 as against Rs 5,508 crore in the corresponding period last year
- The bank’s NNPA drops by 47bps to 0.43% from 0.90% as of March 23 and its GNPA drops by 200bps YoY to 3.95% in March 24 from 5.95%
The bank’s operating profit jumped from Rs 54,016 crore on March 23 to Rs 54,305 crore in March 24, a 7% YoY gain. The bank reported a 33 basis point improvement in Return on Assets (RoA) to 1.15% as of March 24 from 0.82% as of March 23 and a 358 basis point increase in Return on Equity (RoE) to 19.06% from 15.48%. Indian Bank said that as of March 24, its total deposits have grown by 11% YoY to reach Rs 56,88,000 Cr. Savings deposits grew by 7%, current deposits by 9%, and CASA deposits by 8% YoY. Domestic CASA was 42.31% as of March 31, 24.
The bank’s NNPA dropped by 47bps to 0.43% from 0.90% as of March 23 and its GNPA dropped by 200bps YoY to 3.95% in March 24 from 5.95%.
The Board of Directors of Indian Bank recommended a dividend of Rs.12.00 per equity share i.e. @ 120% of paid-up equity capital of the bank for FY24, as per a regulatory filing.
