Indian Bank has announced its Q1 FY2 5results,
Indian Bank has announced its Q1 FY2 5results, Net Profit up by 41% YoY at ₹2 403Cr in Jun’24 from ₹1709 Cr in Jun23
Financial Results for the Quarte ended 30th June 2024
Bank’s Global Business is at ₹12.20 lak h Cr, up by 11% YoY
Key Highlights (Quarter ended Jun’24 over Jun’23)
Net Profit up by 41% YoY at ₹2403 Cr in Jun’24 from ₹1709 Cr in Jun’23
Operating Profit improved by 9% YoY to ₹4502 Cr in Jun’24 from ₹4135 Cr in Jun’23
Net Interest Income increased by 8% YoY to ₹6178 Cr in Jun’24 from ₹5703 Cr in Jun’23
Fee based income grew by 17% YoY to ₹788 Cr in Jun’24 from ₹671 Cr in Jun’23
Return on Assets (RoA) up by 25 bps to 1.20% in Jun’24 from 0.95% in Jun’23
Return on Equity (RoE) increased by 188 bps to 19.76% in Jun’24 from 17.88% in Jun’23
Yield on Advances (YoA) up by 16 bps to 8.69% in Jun’24 from 8.53% in Jun’23
Yield on Investments (YoI) increased by 43 bps to 7.15% in Jun’24 from 6.72% in Jun’23
Gross Advances increased by 12% YoY to ₹539123 Cr in Jun’24 from ₹479404 Cr in Jun’23
RAM (Retail, Agriculture & MSME) adv ances grew by 13% YoY to ₹313301 Cr in Jun’24 from ₹276435 Cr in Jun’23
RAM contribution to gross domestic ad vances stood at 62%. Retail, Agri & MS ME advances grew by 14%, 18% and 6% YoY respectively. Home Loan (includin g mortgage) grew by 13% YoY and Auto Loan by 55% YoY
Priority sector advances as a percenta ge of ANBC stood at 43% at ₹179664 Cr in Jun’24 as against the regulatory req uirement of 40%
Total Deposits increased by 10% YoY a nd reached to ₹681183 Cr in Jun’24 as against ₹621539 Cr in Jun’23. Both CAS SA & Savings deposit grew by 6%, Curr ent deposit grew by 5% YoY
Domestic CASA ratio stood at 41% as o n 30thJun’24
CD ratio stood at 79% as on 30thJun’24
GNPA decreased by 170 bps YoY to 3.77 % in Jun’24 from 5.47% in Jun’23, NN PA reduced by 31 bps to 0.39% in Jun’24 from 0.70% in Jun’23
Provision Coverage Ratio (PCR, includ ing TWO) improved by 156 bps YoY to 96.66% in Jun’24 from 95.10% in Jun’23
Slippage Ratio contained to 1.50% in Ju n’24 in comparison to 1.57% in Jun’23
Capital Adequacy Ratio improved by 69 bps to 16.47%. CET-I improved by 1 11 bps YoY to 13.42%, Tier I Capital im proved by 105 bps YoY to 13.93%
Key Highlights (Quarter ended Jun’24 over Mar’24)
Net Profit up by 7% QoQ to ₹2403 Cr in Jun’24 from ₹2247 Cr in Mar’24
Operating Profit improved by 5% QoQ to ₹4502 Cr in Jun’24 from ₹4305 Cr in Mar’24
Net Interest Income improved by 3% Q oQ to ₹6178 Cr in Jun’24 as against ₹6 015 Cr in Mar’24
Return on Assets (RoA) improved to 1. 20% in Jun’24 from 1.15% in Mar’24
Yield on Investments (YoI) improved to 7.15% in Jun’24 from 6.88% in Mar’ 24
Domestic Net Interest Margin (NIM) improved to 3.53% in Jun’24 from 3.52 % in Mar’24
Cost to Income ratio improved by 368 bps to 44.31% in Jun’24 from 47.99% in Mar’24
GNPA decreased by 18 bps QoQ to 3.7 7% in Jun’24 from 3.95% in Mar’24,NN PA reduced by 4 bps to 0.39% in Jun’24 from 0.43% in Mar’24.
Network:
The Bank has 5846 domestic branches (including 3 DBUs), out of which 1983 are Rural, 1531 are Semi-Urban, 1173 are Urban & 1159 are in Metro catego ry. The Bank has 3 overseas branches & 1 IBU.
The Bank has 5093 ATMs & BNAs and 11945 number of BCs.
Digital Banking:
Business of ₹36,678 Cr has been gene rated through Digital Channels in Q1 FY25. A total of 84 Digital Journeys, Ut ilities and Processes have been launch ed so far.
The number of Mobile Banking users has grown by 33% year over year, rea ching 1.75 Cr.
UPI users and Net Banking Users have seen a 30% & 26% YoY increase respec tively, reaching 1.85 Cr and 1.09 Cr res pectively.
The credit card users increased by 40% YoY to 2.38 lakh, while the total numbe ber of Point of Sale (PoS) terminals has increased by 66% YoY, reaching a total of 21,656.
Awards & Accolades:
The Bank has received Best Customer Experience Initiatives Award (Public Sector Bank) at ACI South Asia Conve rge 2024.
Indian Bank along with two sponsored RRBs are adjudged as Best Performing Banks in Tamil Nadu under SGH Linka ge by NABARD for FY24.
The Bank has received APY ANNUAL AWARD OF VISIONARY ACHIEVER fr om PFRDA for achieving 112% of Ann ual Target (FY24)
Our Focus
Our focus is to deliver value-added an d suitable solutions through the acum umen of empowered employees and s mart use of technology to cater the ne eds of the customers.
Through a combi nation of cutting-ed ge technology and personalised servi ce, we aim to simpl ify banking, makin g it more accessible, convenient and secure for everyone.
Bank has launched an array of digital products to facilitate customers for se amless and convenient banking exper ience. INDSMART- new omni channel banking application having wide range of features launched for customers. Th e app has several features viz., integra ted bill payment, pay to contact, e-sho pping / m-shopping, cross platform acc essibility, goal planner etc providing a seamless and enriched experience for our valued customers. Further, in a si ngle click, one can apply for loans e.g. Agri jewel, Shishu Mudra, Personal, renew MSME & KCC loans, open fixed deposits and savings account, etc.
To garner low cost deposits, Bank has set-up liability verticals in major cities of India to ensure customized service to esteemed corporates and governm ent departments.
We aim to be a trusted partner driving positive change by using technology to deliver entire gamut of financial prod ucts under one roof and enabling our c mustomers to thrive in an ever evolvi ing financial landscape.
