Indian Bank Q3 Profit Surges 35% to Rs 2,852 Cr
By Rediff Money Desk, New Delhi Jan 29, 2025 15:51
Indian Bank reported a 35% rise in net profit for the third quarter of FY2025, reaching Rs 2,852 crore. The bank's core income growth contributed to the surge, with total income increasing to Rs 17,912 crore. Asset quality also improved.
![Indian Bank Q3 Profit Surges 35% to Rs 2,852 Cr](https://im.rediff.com/money/2022/sep/08bank-1.jpg?fr=money)
Photograph: Ajay Verma/Reuters
New Delhi, Jan 29 (PTI) State-owned Indian Bank on Wednesday reported a 35 per cent increase in net profit at Rs 2,852 crore for the third quarter ended December 2024, helped by core income.
The Chennai-based bank had earned a net profit of Rs 2,119 crore in the same quarter a year ago.
Its total income increased to Rs 17,912 crore from Rs 16,099 crore a year ago, Indian Bank said in a regulatory filing.
The interest income also rose to Rs 15,759 crore during the quarter under review compared to Rs 14,198 crore in the year-ago period.
The company's net interest income increased by 10 per cent to Rs 16,415 crore from Rs 15,815 crore in December 2023.
Its operating profit grew to Rs 4,749 crore against Rs 4,097 crore in the third quarter of the previous fiscal.
On the asset quality front, the bank's gross non-performing assets ratio moderated to 3.26 per cent compared to 4.47 per cent a year ago.
Similarly, net NPAs, or bad loans, came down to 0.21 per cent from 0.53 per cent at the end of the third quarter of the last fiscal.
As a result, the overall provisions, excluding tax, declined to Rs 1,059 crore during the quarter from Rs 1,349 crore a year ago.
The provision coverage ratio on non-performing loans improved to 98.09 per cent as of December 31, 2024, against 95.90 per cent at the end of December 31, 2023.
Capital Adequacy Ratio rose to 15.92 per cent from 15.58 per cent at the end of the third quarter of the previous financial year.
The Chennai-based bank had earned a net profit of Rs 2,119 crore in the same quarter a year ago.
Its total income increased to Rs 17,912 crore from Rs 16,099 crore a year ago, Indian Bank said in a regulatory filing.
The interest income also rose to Rs 15,759 crore during the quarter under review compared to Rs 14,198 crore in the year-ago period.
The company's net interest income increased by 10 per cent to Rs 16,415 crore from Rs 15,815 crore in December 2023.
Its operating profit grew to Rs 4,749 crore against Rs 4,097 crore in the third quarter of the previous fiscal.
On the asset quality front, the bank's gross non-performing assets ratio moderated to 3.26 per cent compared to 4.47 per cent a year ago.
Similarly, net NPAs, or bad loans, came down to 0.21 per cent from 0.53 per cent at the end of the third quarter of the last fiscal.
As a result, the overall provisions, excluding tax, declined to Rs 1,059 crore during the quarter from Rs 1,349 crore a year ago.
The provision coverage ratio on non-performing loans improved to 98.09 per cent as of December 31, 2024, against 95.90 per cent at the end of December 31, 2023.
Capital Adequacy Ratio rose to 15.92 per cent from 15.58 per cent at the end of the third quarter of the previous financial year.
Source: PTI
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