Indian Bank Q4FY24 results: Net profit rises 55% to Rs 2,247 crore

Chennai, May 06, 2024: SL Jain, MD & CEO, Indian Bank today announced the Q4 FY24 Financial Results during the press meet at their Corporate office. He said that Indian Bank posted a 55 per cent rise in net profit to Rs 2,247 crore in Q4FY24, compared to Rs 1,447 crore in the same period in FY23, due to a rise in income and improved asset quality.

SL Jain, MD & CEO, Indian Bank 

The Chennai-based lender’s total income increased by 19 per cent to Rs 16,887 crore in the March quarter of FY24, from Rs 14,238 crore in the same period in FY23. As on March 31, 2024, the company’s gross non-performing assets (NPA) were 3.95 per cent of gross advances, compared to 5.95 per cent during the same period in 2023.

Similarly, net NPA was seen at 0.43 per cent of gross advances as on March 31, 2024, compared to 0.90 per cent during the same period in 2022-23. Net Interest Income (NII) increased by 9 per cent year-on-year (Y-o-Y) to Rs 6,015 crore in the March quarter of FY24, from Rs 5,508 crore in the March quarter of FY23.

****