HT Bureau
GUWAHATI, Aug 3: Indian Bank, a leading public sector bank, has reported a significant 41% year-on-year increase in standalone net profit for the June quarter, reaching Rs. 1,709 crore. The rise in net interest income, other income, and improvement in asset quality contributed to this impressive performance. Operating profit also grew by 16% to Rs. 4,135 crore compared to Rs. 3,564 crore in the same period of the previous year.
Total business recorded a notable 9% growth, reaching Rs. 11,00,943 crore, with deposits accounting for Rs. 6,21,539 crore and advances amounting to Rs. 4,79,404 crore. Current Account Savings Account (CASA) witnessed a 5% growth, totaling Rs. 2,50,242 crore. Interest income rose to Rs. 13,049 crore, marking a substantial 29% increase compared to Q1 of FY23. Net interest income also reported a commendable 26% surge, reaching Rs. 5,703 crore.
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Total non-interest income grew by 7%, reaching Rs. 1,710 crore, primarily driven by profit from investment sales, an increase in fee-based income, and other sources. Retail, Agriculture & MSME (RAM) advances registered a 13% growth, reaching Rs. 2,76,435 crore. Among them, retail and agriculture advances grew by 16% each, while MSME advances recorded a 7% growth.
The bank operates through 5,798 domestic branches, including 3 Digital Banking Units, with 1,970 branches in rural areas, 1,517 in semi-urban regions, 1,168 in urban centers, and 1,143 in metro cities. Additionally, it has 3 overseas branches and 1 IFSC Banking unit.
S L Jain, MD & CEO of Indian Bank, expressed satisfaction with the bank’s cash recovery, which has exceeded slippages in the past few quarters. In Q1, the bank’s cash recovery stood at Rs. 2,008 crore, surpassing the slippage of Rs. 1,753 crore. Jain also emphasized the bank’s commitment to enhancing customer satisfaction through digital technologies, customized experiences, and proactive resolution of customer issues. The bank aims to build trust, promote financial literacy, and empower individuals and businesses to achieve their financial goals through continuous staff training and a customer-centric approach.
