State-owned Indian Bank reported a remarkable 36% increase in profit for the second quarter ending September 2024, reaching Rs 2,707 crore compared to Rs 1,988 crore in the same period last year. The Chennai-based lender also saw total income rise to Rs 17,770 crore, up from Rs 15,736 crore in the previous year.
The bank’s interest income improved significantly to Rs 15,348 crore, compared to Rs 13,743 crore in the same quarter last year. Additionally, Net Interest Income (NII) climbed to Rs 6,194 crore, reflecting an 8% increase from Rs 5,741 crore in Q2 FY24.
In terms of asset quality, Indian Bank recorded a decline in gross Non-Performing Assets (NPAs) to 3.48% of gross loans, down from 4.97% a year ago. Net NPAs also decreased to 0.27% from 0.60% during the same period. The Provision Coverage Ratio rose to 97.60%, up from 95.64% in September 2023. Furthermore, the Capital Adequacy Ratio improved by 102 basis points to 16.55% from 15.53% at the end of the previous fiscal’s second quarter, underscoring the bank’s strengthened financial position.
