Indian Bank's Q2 Profits Surge by 36%

State-owned Indian Bank reported a 36% rise in net profit, reaching Rs 2,707 crore in Q2 2024, compared to Rs 1,988 crore the previous year. Total income rose to Rs 17,770 crore, with interest income increasing to Rs 15,348 crore. Notable improvements in asset quality were also reported.

Indian Bank, a state-owned lender, reported a significant 36% increase in net profit for the second quarter of 2024, reaching Rs 2,707 crore. This growth surpasses the Rs 1,988 crore profit recorded in the same period last year.

The Chennai-based bank's total income climbed to Rs 17,770 crore from Rs 15,736 crore, while its interest income also saw an upswing, hitting Rs 15,348 crore compared to Rs 13,743 crore the previous year.

Asset quality showed notable improvements, with gross NPAs dropping to 3.48% of gross loans and net NPAs decreasing to 0.27%. The bank's Provision Coverage Ratio rose to 97.60%, and its Capital Adequacy Ratio improved to 16.55%.

(With inputs from agencies.)