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Today Date : Tuesday, May 21, 2024

Indian Bank profit up by 11 percent

Indian Bank profit up by 11 percent

While the operating profit for Sep’22 up by 11% YoY at Rs 3629 Cr from `3276 Crin Sep’21, the net interest income increased by 15% YoY to Rs 4684 Crin Sep’22 from Rs4084 Cr in Sep’21. The bank's fee based income grew by 18%YoY to Rs723 Crin Sep’22 and Cost-to-Income Ratio stood at 44.27% in Sep’22 as against 45.85% in Sep’21. Domestic NIM stood at 3.20% in Sep’22 as against 2.89% in Sep’21 and Return on Assets (RoA)improved to0.71% in Sep’22as against 0.69% in Sep’21. Return on Equity (RoE)improved by 52 bpsto 13.83% for Sep’22 against 13.31% in Sep’21.

Advances increased by 14% YoY to Rs437941 Cr in Sep’22 fromRs385730 Cr in Sep’21. RAM (Retail, Agriculture & MSME) advances grew by 13%to Rs 255256 Cr in Sep’22 from Rs 226501 Crin Sep’21. Indian Bank's Deposit increased by 7% YoY and reached to Rs 588860 Crin Sep’22 while CASA grew by 7%, driven by 9% YoY growth in CA and7% YoY growth in SB. The Bank has launched many digital products such as PAPL (Pre-approved personal loan), online KCC renewal, overdraft against digital deposits(ODAD), Mudra loan through digital mode, instant jewel loan under its flagship Project- “WAVE.’’