Indian Bank released its Financial Results for Half Yearly ended 30th September 2023. In the Quarter ended Sep ’23 over Sep ’22, the Net Profit up by 62% YoY at ₹1988 Cr in Sep’23 from ₹1225 Cr in Sep’22 and Profit Before Tax up by 75% YoY at ₹2752 Cr in Sep’23 from ₹1571 Cr in Sep’2. The Operating Profit for Sep’23 up by 19% YoY at ₹4303 Cr from ₹3629 Cr in Sep’22 and the Net Interest Income increased by 23% YoY to ₹5741 Cr in Sep’23 from ₹4684 Cr in Sep’22. The Fee-based income grew by 11% YoY to ₹805 Cr in Sep’23 from ₹723 Cr in Sep’22 and NIM (Domestic) increased to 3.52% in Sep’23 from 3.20% in Sep’22. The Return on Assets (RoA) improved to 1.06% in Sep’23 from 0.71% in Sep’22 and Return on Equity (RoE) improved by 607 bps to 19.90% in Sep’23 from 13.83% in Sep’22.
The Cost-to-Income Ratio stood at 44.36% in Sep’23 as against 44.27% in Sep’22 and Total Business recorded a YoY growth of 10% reaching the level of ₹1133091 Cr in Sep’23 from ₹1026801 Cr in Sep’22. The Advances increased by 12% YoY to ₹492288 Cr in Sep’23 from ₹437941 Cr in Sep’22. RAM (Retail, Agriculture & MSME) advances grew by 12% to ₹285891 Cr in Sep’23 from ₹255256 Cr in Sep’22 and Retail, Agri, MSME advances grew by 14%, 16% and 5% YoY respectively. RAM contribution to domestic advances is 62%.
The Home Loan (Including mortgage) grew by 13%, Auto Loan by 36% and Personal Loan by 49% YoY. The Deposits increased by 9% YoY and reached to ₹640803 Cr in Sep’23 and CASA grew by 7%, driven by 8% YoY growth in SB, CASA ratio stood at 40%. The GNPA decreased by 233 bps YoY to 4.97% in Sep’23from 7.30%, NNPA reduced by 90 bps to 0.60% from 1.50% in Sep’22. The Provision Coverage Ratio (PCR, including TWO) improved by 456 bps YoY to 95.64% from 91.08% in Sep’22 and Capital Adequacy Ratio stood at 15.53%, CET-I at 12.07%& Tier-I Capital at 12.63%.
The Net Profit up by 52% YoY to ₹3697 Cr in H1FY24 from ₹2439Cr in H1FY23 and the Profit Before Tax up by 76% YoY to ₹5146 Cr in H1FY24 from ₹2917Cr in H1FY23. The Operating Profit increased by 17% YoY to ₹8437 Cr in H1FY24 from ₹7194 Cr. The Net Interest Income grew by 24% YoY to ₹11444 Cr in H1FY24 from ₹9218Cr and Net Interest Margin (NIM) Domestic increased by 42bps YoY to 3.57% from 3.15% in H1FY23. The Return on Assets (RoA) improved by 29 bps to 1.01% from 0.72% in H1FY23 and Return on Equity (RoE) increased by 490 bps to 18.90% from 14.00% in H1FY23. The Cost-to-Income Ratio stood at 44.29% as against 43.14% in H1FY23.
