Indian Bank declares Q1 FY25 results: Net profit rises 41% to Rs 2,403 crore
- Gross non-performing asset ratio of the bank stood at 3.77 percent against 5.47 percent in the year-ago period and 3.95 percent in the March quarter.
Chennai, July 29, 2024: SL Jain, CEO, Indian Bank today declared Q1 FY25 financial reports and said that the bank achieved a 40.6 percent on-year rise in net profit at Rs 2,403.42 crore in the first quarter of the current financial year. Sequentially, the profit was up around 7 percent. Gross non-performing asset (NPA) ratio of the bank stood at 3.77 percent against 5.47 percent in the year-ago period and 3.95 percent in the March quarter.
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| (Center) SL Jain, CEO, Indian Bank |
Net NPA ratio eased to 0.39 percent from 0.43 percent in the March quarter and 0.70 percent in the year-ago period. In absolute terms, gross NPA of the lender stood at Rs 20,302.16 crore as on June 30, as compared to Rs 21,106.31 crore in a quarter ago period, and Rs 26,226.92 crore in a year ago period. Gross non-performing asset (NPA) ratio of the bank stood at 3.77 percent against 5.47 percent in the year-ago period and 3.95 percent in the March quarter. Net NPA ratio eased to 0.39 percent from 0.43 percent in the March quarter and 0.70 percent in the year-ago period.
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Press meet Youtube Video link 👇
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In absolute terms, gross NPA of the lender stood at Rs 20,302.16 crore as on June 30, as compared to Rs 21,106.31 crore in a quarter ago period, and Rs 26,226.92 crore in a year ago period. Provision Coverage Ratio (PCR, including TWO) improved by 156 basis points (bps) on-year to 96.66 percent in June, 2024, from 95.10 percent in a year ago period. Total Deposits increased by 10 percent on-year in the reporting quarter Rs 6.81 lakh crore, as compared to Rs 6.21 lakh crore in a corresponding quarter last year. Both CASA & Savings deposit grew by 6 percent, Current deposit grew by 5 percent on a yearly basis.
Gross Advances increased by 12 percent on-year to Rs 5.40 lakh crore in April-June quarter, from Rs 4.8 lakh crore in a year ago period. RAM (Retail, Agriculture & MSME) advances grew by 13 percent on-year to Rs 3.13 lakh crore as on June 30, from Rs 2.76 lakh crore as on June 30, 2023.
RAM contribution to gross domestic advances stood at 62 percent. Retail, Agri and MSME advances grew by 14 percent, 18 percent and 6 percent on-year respectively. Home Loan (including mortgage) grew by 13 percent YoY and Auto Loan by 55 percent YoY. Priority sector advances as a percentage of ANBC stood at 43 percent at Rs 1.80 lakh crore as on June 30, as against the regulatory requirement of 40 percent.
The New directions of Reserve Bank of India on Classification, Valuation and operation of Investments have resulted in increase in income on investment due to accretion by Rs 157.36 Crore, increase in AFS Reserve by Rs 212.82 Crore (net of taxes) and reduction in General Reserve by Rs 211.49 Crore (net of taxes), bank said during the press meet.
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