In the Quarter ended Jun ’23 over Jun ’22, The Net Profit is up by 41%YoY at ₹1709 Cr from ₹1213 Cr. The Profit Before Tax is up by 78% YoY at ₹2394 Cr in Jun’23 from ₹1345 Cr in Jun’22. The Operating Profit grew by 16% YoY at ₹4135 Cr in Jun’23from ₹3564 Cr in Jun’22. The Net Interest Income increased by 26% YoY to ₹5703 Cr in Jun’23 from₹4534Cr in Jun’22. The Fee-based income grew by 7%YoY to ₹671 Cr in Jun’23.
Cost-to-Income Ratio stood at 44.22% in Jun’23. Domestic NIM improved to 3.61% in Jun’23 from 3.10% in Jun’22. Return on Assets (RoA) in Jun’23 and Return on Equity (RoE) improved to 0.95% and 17.88%, respectively in Jun’23. Total Business recorded a YoY growth of 9% reaching the level of ₹1100943 Cr in Jun’23 from ₹1009454 Cr in Jun’22.
The Advances increased by 13% YoY to ₹479404Cr in Jun’23 from ₹425203Cr in Jun’22. RAM (Retail, Agriculture & MSME) advances grew by 13% YoY to ₹276435Cr in Jun’23 from ₹244247Cr in Jun’22. RAM contribution to gross domestic advances is 61%. Retail & Agri advances grew by 16% YoY each while MSME advances grew by 7%YoY.
Home loans (Including mortgages) grew by 14% YoY, Auto loans by 29% YoY and Personal loans by 52% YoY. Deposits grew by 6% YoY and reached ₹621539Cr in Jun’23. CASA deposits recorded a YoY growth of 5% and stood at ₹250242Crin Jun’23. The share of CASA to total deposits stood at 40%. The GNPA decreased by 266 bps YoY to 5.47% in Jun’23 from 8.13% in Jun’22, and NNPA reduced by 142 bps YoY to 0.70% from 2.12% in Jun’22.
Provision Coverage Ratio (PCR, including TWO) improved by 702 bpsYoY to 95.10% from 88.08% in Jun’22. The Capital Adequacy Ratio stood at 15.78%.CET-I & Tier I. The Capital is at 12.31% & 12.88% respectively.
The Bank network is widespread with 5798 domestic branches including 3 Digital Banking Units (DBUs), out of which 1970 are Rural, 1517 are Semi-Urban, 1168 are Urban & 1143 are in Metro category. The Bank has three overseas branches & 1 IFSC Banking Unit (IBU). The Bank has 4804 ATMs & BNAs and 10805 business Correspondents (BCs).
Digital Banking Transactions through ATM, BNA & Digital channels improved by 7% YoY in Q1FY24. Mobile Banking users increased by 36% YoY. UPI users and transactions increased by 33%YoY and 85% YoY respectively. During Q1FY24, the Bank launched various Digital Journeys under its Digital Transformation Programme.
Bank received the following awards for excellent performance in enrollment of Atal Pension Yojana (APY) scheme: APY Leadership Pinnacle Exemplary Award of Par Excellence (Campaign for MD & CEO of banks): Indian Bank topped among all the PSBs with 181.95% achievement of the target. APY National Championship Cup for Sponsor Banks and RRBs: Bank stood 2nd Best among all the teams- received APY Championship Trophy of Par-Excellence along with APY Championship Exemplary Award.
