Indian Bank announced its Q2 FY2024 results. Net profit up by 62% YoY

A press conference of Indian Bank for their Q2 FY 2023-24 Results announcement was held on 26th Oct 2023 at Media Room, Indian Bank, Corporate Office, 254-260, Avvai Shanmugam Salai, Chennai. During the press meet it was announced that the bank Net Profit  up by 62% YoY at ₹1988 Cr in Sep’23 from ₹1225 Cr in Sep’22.Profit Before Tax up by 75% YoY at ₹2752 Cr in Sep’23 from ₹1571 Cr in Sep’22.Operating Profit for Sep’23 up by 19% YoY at ₹4303 Cr from ₹3629 Cr in Sep’22.Net Interest Income increased by 23% YoY to ₹5741 Cr in Sep’23 from ₹4684 Cr in Sep’22.Net Profit up by 52% YoY to ₹3697 Cr in H1FY24 from ₹2439 Cr in H1FY23.Profit Before Tax up by 76% YoY to ₹5146 Cr in H1FY24 from ₹2917 Cr in H1FY23.Operating Profit increased by 17% YoY to ₹8437 Cr in H1FY24 from ₹7194 Cr.Net Interest Income grew by 24% YoY to ₹11444 Cr in H1FY24 from ₹9218 Cr. Net Interest Margin (NIM) Domestic increased by 42 bps YoY to 3.57% from 3.15% in H1FY23.
The Bank has 5819 domestic branches including 3 Digital Banking Units (DBUs), out of which 1974 are Rural, 1522 are Semi-Urban, 1174 are Urban & 1149 are in Metro category. The Bank has 3 overseas branches & 1 IFSC Banking Unit (IBU).The Bank has 4866 ATMs & BNAs and 10825 Business Correspondents (BCs).

Mobile Banking users increased by 47% YoY.

UPI users and transactions increased by 34% YoY and 65% YoY respectively.Indian Bank is strategically expanding the business and major thrust will be on retail, agriculture, and MSME sectors, targeting 10-12% credit growth in FY24.