The Financial Express
Indian Bank’s Q1FY24 net profit jumped 41% YoY at Rs 1709 crore in from Rs 1213 crore in Q1FY23. Sequentially too, the profit increased 18 per cent from RS 1447 crore in Q4FY23. Overall growth in advances, reduction in Gross NPAs and improvement in margins led to the significant increase in profitability.
The Bank’s Net Interest Income increased by 26% YoY to Rs 5703 crore in Q1FY24 from Rs 4534 cr in Q1FY23. Q1 domestic NIM improved to 3.61% from 3.10% in the same quarter last fiscal.
Indian Bank’s advances increased by 13% YoY to Rs 479404 crore in Q1 Rs 425203 crore in the same quarter last fiscal. Home Loan (Including mortgage) grew by 14% YoY while auto loan increased by 29% YoY and personal loan saw a 52% YoY spike.
In signs of improving fundamentals, Indian Bank’s Gross NPA decreased by 266 bps YoY to 5.47% in Q1 from 8.13% in the same quarter last fiscal.
In other highlights in Q1, Indian Bank’s transactions through ATM, BNA and Digital channels improved by 7% YoY in Q1FY24. Mobile Banking users increased by 36% YoY while UPI users and transactions increased by 33% YoY and 85% YoY respectively.
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