MUMBAI : State-owed Indian Bank on Wednesday reported a 102% increase in standalone net profit to ₹1,396 crore in Q3 FY23 and met the Bloomberg estimate of ₹1,409 crore, owing to stronger net interest income.
The Bank’s total income increased to ₹13,551 crore in the quarter from ₹11,482 crore in the year-ago period, and ₹12 538 crore in the September quarter.
Domestic net interest margin (NIM) increased by 54 basis points (bps) to 3.74% in December as against 3.2% in September. Operating profit for December was up by 24% year-on-year (y-o-y) at ₹4,061 crore from ₹3,288 crore in the same quarter of the previous fiscal.
The bank’s total deposits increased 6% y-o-y to ₹5.97 trillion in the December quarter as compared to ₹5.62 trillion during the corresponding period a year ago. Its total advances grew by 13% to ₹4.51 trillion in Q3 FY23, as against ₹4 trillion a year ago.
The bank’s provision coverage Ratio (PCR) improved by 810 bps y-o-y to 93.59% in Q3 FY23, from 85.49% in Q3 FY22.
Its gross NPA ratio was at 6.53% as on 31 December 2022 as against 7.3% on 30 September 2022 and 9.13% on 31 December 2021. The bank’s net NPA ratio was at 1% as on 31 December 2022 as against 1.50% on 30 September 2022 and 2.72% on 31 December 2021.
Indian Bank’s current and savings account (CASA) deposits recorded a y-o-y growth of 3% and stood at ₹2.41 trillion in December 2022. The share of CASA to deposits stood at 40.4%.
Its capital adequacy ratio was at 15.74%. Shares of Indian Bank on BSE closed at ₹291.7 apiece, up 0.6% from their previous close.
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