Indian Bank's Impressive Profit Surge
State-owned Indian Bank reported a 35% rise in net profit to Rs 2,852 crore in Q3 2024 due to increased core income and moderation of non-performing assets. The bank's total and interest income saw significant growth, coupled with improved asset quality and a stronger capital adequacy ratio.
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- India
In a significant development, government-owned Indian Bank announced a 35 percent increase in net profit for the third quarter, ending December 2024, largely driven by enhanced core income. The bank's profit surged to Rs 2,852 crore, up from Rs 2,119 crore for the same quarter last year, as revealed in a regulatory filing on Wednesday.
The Chennai-based financial institution reported a jump in total income to Rs 17,912 crore, compared to Rs 16,099 crore from the previous year. Additionally, interest income rose to Rs 15,759 crore during the reviewed quarter, against Rs 14,198 crore in the corresponding period twelve months prior. The bank's net interest income saw a 10 percent increase, rising to Rs 16,415 crore from Rs 15,815 crore.
Improvements were also noted in the bank's asset quality, with the gross non-performing assets ratio reducing to 3.26 percent from the previous year's 4.47 percent. Likewise, net NPAs declined to 0.21 percent. Provisions, excluding tax, fell to Rs 1,059 crore, showcasing an improved provision coverage ratio and a stronger capital adequacy ratio of 15.92 percent as of the end of the third quarter.
(With inputs from agencies.)