Indian Bank Declares Q1 FY 2023-24 Financial Results | Net profit up 47% at ₹1,709 crore

• Bank’s Global Business crossed ₹11 lakh Cr
• Net profit up by 41% YoY 
• Operating Profit up by 16% YoY

Chennai, June 27, 2023: S L Jain, MD & CEO, Indian Bank today declared Financial Results for the Quarter ended 30th June 2023. He said that the focus of the bank is to enhance customer satisfaction by leveraging digital technologies, delivering customised experiences and proactively resolving customers’ issues. Through continuous staff trainings and a customer-centric approach, we focus to build trust, promote financial literacy and empower individuals and businesses to achieve their financial goals.

Press meet video link👇👇

Key Highlights (Quarter ended June 23 over June 22)

• Net Profit up by 41% YoY at ₹1709 Cr in Jun’23 from ₹1213 Cr in Jun’22 
• Profit Before Tax up by 78% YoY at ₹2394 Cr in Jun’23 from ₹1345 Cr in Jun’22
• Operating Profit grew by 16% YoY at ₹4135 Cr in Jun’23 from ₹3564 Cr in Jun’22
• Net Interest Income increased by 26% YoY to ₹5703 Cr in Jun’23 from ₹4534 Cr in Jun’22
• Fee based income grew by 7% YoY to ₹671 Cr in Jun’23 
• Cost-to-Income Ratio stood at 44.22% in Jun’23 
• Domestic NIM improved to 3.61% in Jun’23 from 3.10% in Jun’22
• Return on Assets (RoA) improved to 0.95% in Jun’23 from 0.73% in Jun’22
• Return on Equity (RoE) increased to 17.88% in Jun’23 from 14.18% in Jun’22
• Total Business recorded a YoY growth of 9% reaching the level of ₹1100943 Cr in Jun’23 from ₹1009454 Cr in Jun’22
• Advances increased by 13% YoY to ₹479404 Cr in Jun’23 from ₹425203 Cr in Jun’22
• RAM (Retail, Agriculture & MSME) advances grew by 13% YoY to ₹276435 Cr in Jun’23 from ₹244247 Cr in Jun’22
• RAM contribution to gross domestic advances is 61%. Retail & Agri advances grew by 16% YoY each while MSME advances grew by 7% YoY. Home Loan (Including mortgage) grew by 14% YoY, Auto Loan by 29% YoY and Personal Loan by 52% YoY
• Deposits grew by 6% YoY and reached to ₹621539 Cr in Jun’23
• CASA deposits recorded a YoY growth of 5% and stood at ₹250242 Cr in Jun’23. The share of CASA to total deposits stood at 40%.
• GNPA decreased by 266 bps YoY to 5.47% in Jun’23 from 8.13% in Jun’22, NNPA reduced by 142 bps YoY to 0.70% from 2.12% in Jun’22
• Provision Coverage Ratio (PCR, including TWO) improved by 702 bps YoY to 95.10% from 88.08% in Jun’22
• Capital Adequacy Ratio stood at 15.78%. CET-I & Tier I Capital at 12.31% & 12.88% respectively

S L Jain, MD & CEO, Indian Bank

Key Highlights (Quarter ended June 23 over March 23)

• Net Profit up by 18% QoQ to ₹1709 Cr in Jun’23 from ₹1447 Cr in Mar’23
• Profit Before Tax up by 65% QoQ at ₹2394 Cr in Jun’23 from ₹1452 Cr in Mar’23
• Operating Profit stood at ₹4135 Cr in Jun’23 as against ₹4016 Cr in Mar’23
• Net Interest Income stood at ₹5703 Cr in Jun’23 as against ₹5508 Cr in Mar’23 
• Return on Assets (RoA) improved by 13 bps QoQ to 0.95% in Jun’23 
• Return on Equity (RoE) improved by 240 bps QoQ to 17.88% in Jun’23
• Cost-to-Income Ratio improved by 225 bps QoQ to 44.22% in Jun’23
• Priority Sector portfolio stood at ₹160863 Cr in Jun’23. Priority sector advances as a percentage of ANBC stood at 44% as against the regulatory requirement of 40%.

Network:

• The Bank has 5798 domestic branches including 3 Digital Banking Units (DBUs), out of which 1970 are Rural, 1517 are Semi-Urban, 1168 are Urban & 1143 are in Metro category. The Bank has 3 overseas branches & 1 IFSC Banking Unit (IBU).
• The Bank has 4804 ATMs & BNAs and 10805 number of Business Correspondents (BCs).

Digital Banking:

• Transactions through ATM, BNA & Digital channels improved by 7% YoY in Q1FY24.
• Mobile Banking users increased by 36% YoY.
• UPI users and transactions increased by 33% YoY and 85% YoY respectively.
• During Q1FY24, the Bank has launched various Digital Journeys under its Digital Transformation Programme.

Awards & Accolades:

• Bank received the following awards for excellent performance in enrollment of Atal Pension Yojana (APY) scheme:
• APY Leadership Pinnacle Exemplary Award of Par Excellence (Campaign for MD & CEO of banks): Indian Bank topped among all the PSBs with 181.95% achievement of the target.
• APY National Championship Cup for Sponsor Banks and RRBs: Bank stood 2nd Best among all the teams- received APY Championship Trophy of Par-Excellence along with APY Championship Exemplary Award.

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