Indian Bank Q1 Profit Jumps 41% to Rs 2,403 Cr
Jul 29, 2024 15:11
Indian Bank's net profit surged 41% to Rs 2,403 crore in the June quarter, driven by lower bad loans. Total income also rose, while asset quality improved.
New Delhi, Jul 29 (PTI) State-owned Indian Bank on Monday posted a 41 per cent jump in its net profit to Rs 2,403 crore for the June 2024 quarter due to a decline in bad loans.
The Chennai-based lender had earned a net profit of Rs 1,709 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 16,945 crore against Rs 14,759 crore a year ago, Indian Bank said in a regulatory filing.
Its interest income grew to Rs 15,039 crore during the period under review from Rs 13,049 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's gross non-performing assets (NPAs) improved to 3.77 per cent of gross advances as of June 30, 2024, from 5.47 per cent in the April-June quarter of the previous fiscal.
The net NPAs also declined to 0.39 per cent of the advances from 0.70 per cent a year ago.
As a result, provisions for bad loans declined to Rs 896 crore against Rs 930 crore earmarked during the same quarter a year ago.
The capital adequacy ratio of the bank increased to 16.47 per cent compared to 15.78 per cent on June 30, 2023.
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