Indian Bank

The state-owned Indian Bank reported a 102% increase in standalone net profit to ₹1,396 crore in Q3 FY23, meeting the Bloomberg forecast of ₹1,409 crore due to higher net interest income.

The bank’s overall income grew to ₹13,551 crore in the quarter, up from ₹11,482 crore the previous year and ₹12,538 crore in the September quarter.

Domestic net interest margin (NIM) grew by 54 basis points (bps) in December to 3.74%, up from 3.2% in September. Operating profit increased by 24% year on year (y-o-y) in December to ₹4,061 crore from ₹3,288 crore in the same quarter of the previous fiscal.

Total deposits at the bank climbed 6% year on year to ₹5.97 trillion in the December quarter, up from ₹5.62 trillion in the same period last year. Total advances increased by 13% to ₹4.51 trillion in Q3 FY23, up from ₹4 trillion the previous year.

The bank’s provision coverage Ratio (PCR) increased by 810 basis points (bps) year on year to 93.59% in Q3 FY23, up from 85.49% in Q3 FY22.

Its gross NPA ratio was 6.53% on December 31, 2022, down from 7.3% on September 30, 2022 and 9.13% on December 31, 2021. The bank’s net NPA ratio was 1% on December 31, 2022, down from 1.50% on September 30, 2022 and 2.72% on December 31, 2021.

Current and savings account (CASA) deposits in Indian banks increased by 3% year on year and were at ₹2.41 trillion in December 2022. CASA’s contribution to deposits was 40.4%.

It has a capital adequacy ratio of 15.74%. Indian Bank shares finished at ₹291.7 on the BSE, up 0.6% from the previous close.

By BH News Bureau

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