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Informist, Monday, Jul 29, 2024

--Indian Bank Apr-Jun net profit 24.03 bln rupees 

--Analysts saw Indian Bank Apr-Jun net profit 23.44 bln rupees 

--Indian Bank Apr-Jun net profit 24.03 bln rupees vs 17.09 bln 

--Indian Bank Apr-Jun total income 169.45 bln rupees vs 147.59 bln 

--Indian Bank Apr-Jun provisions 12.58 bln rupees vs 17.41 bln 

--Indian Bank Apr-Jun NPA provisions 8.96 bln rupees vs 9.30 bln 

--Indian Bank gross NPA ratio 3.77% as on Jun 30 vs 3.95% qtr ago 

--Indian Bank net NPA ratio 0.39% as on Jun 30 vs 0.43% qtr ago 

--Indian Bank Basel III capital adequacy ratio 16.47% as on Jun 30 

--Indian Bank: Reversed 970 mln rupees of excess provision to P&L 

NEW DELHI – Indian Bank today reported a 40.7% on-year jump in its net profit for the quarter ended June to 24.03 bln rupees because of a fall in non-tax provisions and contingencies. Sequentially, the net profit was up 7.0%.

The net profit was higher than expectations. Analysts had estimated the bank's net profit to rise to 23.44 bln rupees for the quarter. 

At 1442 IST, shares of the bank were up 1.5% at 590.30 rupees on the National Stock Exchange. 

Provisions (other than tax) and contingencies fell 27.7% on year to 12.58 bln rupees in Apr-Jun. Of this, provisions for non-performing assets fell 3.6% on year to 8.96 bln rupees and provisions for taxes rose 22.6% on year to 8.40 bln rupees. 

The operating profit of the bank was up 8.9% on year at 45.02 bln rupees. 

The lender's asset quality improved, with the gross non-performing asset ratio at 3.77% as of Jun 30 from 5.47% a year ago and 3.95% a quarter ago. The net non-performing asset ratio of the bank was 0.39% from 0.70% a year ago, and 0.43% a quarter ago. The Basel-III capital adequacy ratio was 16.47% as of Jun 30.

The state-owned bank's total income for Apr-Jun was 169.45 bln rupees, up 14.8% on year and 0.3% on quarter. Of this, other income rose 11.5% on year to 19.06 bln rupees. The bank's net interest income rose 8% on year and 3% on quarter to 61.78 bln rupees.

The Tamil Nadu-based bank's total expenditure rose 17.1% on year but fell 1.1% sequentially to 124.43 bln rupees. Of the total expenditure in Apr-Jun, the lender's interest expense went up 20.6% on year to 88.61 bln rupees. Operating expenses for the quarter rose 9.3% on year to 35.82 bln rupees.

The bank's net interest margin was 3.44% in the June quarter, unchanged from a quarter ago and down from 3.56% a year ago. Its provision coverage ratio, excluding technical writeoff, rose to 90.02% as of Jun 30, from 89.47% as of Mar 31.

The bank's total global business was 12.20 trln rupees as of Jun 30, up 11% on year. Of this, total deposits were up 10% on year at 6.81 trln rupees. The lender's total advances rose 12% on year to 5.39 trln rupees as of Jun 30. 

Retail deposits grew 14% on year to 1.06 trln rupees as of Jun 30. The current account savings account ratio fell to 40.56% as of Jun 30 from 41.43% a year ago and 42.31% a quarter ago.  End

Reported by Pratiksha and Shubham Rana

Edited by Manisha Baxla

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