Indian Bank Financial Results for the Quarter/Year ended as on 31st March 2024
Bank’s Global Business reached ₹12.22 lakh Cr, up by 12% YoY
Key Highlights (Quarter ended Mar’24 over Mar’23)
Net Profit up by 55% YoY at ₹2247 Cr in Mar’24 from ₹1447 Cr in Mar’23
Profit Before Taxes up by 111% YoY at ₹3057 Cr in Mar’24 from ₹1452 Cr in Mar’23
Operating Profit improved by 7% YoY to ₹4305 Cr in Mar’24 from ₹4016 Cr in Mar’23
Net Interest Income increased by 9% YoY to ₹6015 Cr in Mar’24 from ₹5508 Cr in Mar’23
Fee based income grew by 6% YoY to ₹970 Cr in Mar’24 from ₹914 Cr in Mar’23
Return on Assets (RoA) up by 33 bps to 1.15% in Mar’24 from 0.82% in Mar’23
Return on Equity (RoE) increased by 358 bps to 19.06% in Mar’24 from 15.48% in Mar’23
Yield on Advances (YoA) up by 64 bps to 8.81% in Mar’24 from 8.17% in Mar’23
Yield on Investments (YoI) increased by 26 bps to 6.88% in Mar’24 from 6.62% in Mar’23
Gross Advances increased by 13% YoY to ₹533773 Cr in Mar’24 from ₹473586 Cr in Mar’23
RAM (Retail, Agriculture & MSME) advances grew by 14% YoY to ₹309918 Cr in Mar’24 from ₹272679 Cr in Mar’23
RAM contribution to gross domestic advances is 62.21%. Retail, Agri & MSME advances grew by 15%, 19% and 6% YoY respectively. Home Loan (Including mortgage) grew by 11% YoY, Auto Loan by 49% YoY and Personal Loan by 10% YoY
Priority sector advances as a percentage of ANBC stood at 43.82% at ₹178527 Cr in Mar’24 as against the regulatory requirement of 40%
Total Deposits increased by 11% YoY and reached to ₹688000 Cr in Mar’24. CASA deposit grew by 8%, savings deposit grew by 7% and Current deposit by 9% YoY
Domestic CASA ratio stood at 42.31% as on 31st Mar’24
CD ratio stood at 77.58% as on 31st Mar’24
GNPA decreased by 200 bps YoY to 3.95% in Mar’24 from 5.95%, NNPA reduced by 47 bps to 0.43% from 0.90% in Mar’23
Provision Coverage Ratio (PCR, including TWO) improved by 252 bps YoY to 96.34% in Mar’24 from 93.82% in Mar’23
Slippage Ratio contained to 1.11% in Mar’24 in comparison to 2.43% in Mar’23 i.e improvement of 132 bps YoY
Capital Adequacy Ratio stood at 16.44%. CET-I improved by 63 bps YoY to 13.52%
Tier I Capital improved by 55 bps YoY to 14.03%
Key Highlights (Quarter ended Mar’24 over Dec,’23)
Net Profit up by 6% QoQ to ₹2247 Cr in Mar’24 from ₹2119 Cr in Dec’23
Operating Profit improved by 5% YoY ₹4305 Cr in Mar’24 from ₹4097 Cr in Dec’23
Net Interest Income improved to ₹6015 Cr in Mar’24 as against ₹5815 Cr in Dec’23
Return on Assets (RoA) improved to 1.15% in Mar’24 from 1.11% in Dec’23
Yield on Advances (YoA) improved to 8.81% from 8.78% in Dec’23 and Yield on Investments (YoI) improved to 6.88% in Mar’24 from 6.80% in Dec’23
Domestic Net Interest Margin (NIM) improved to 3.52% in Mar’24 from 3.49% in Dec’23
The Board of Directors recommended a dividend @ 120% amounting ₹12 per equity share for FY24 subject to requisite approvals.
Key Highlights (Year ended Mar’24 over Mar’23)
Net Profit up by 53% YoY to ₹8063 Cr in FY24 from ₹5282 Cr in FY23
Profit Before Taxes up by 85% YoY at ₹10951 Cr in FY24 from ₹5915 Cr in FY23
Operating Profit increased by 10% at ₹16840 Cr in FY24 from ₹15271 Cr in FY23
Net Interest Income grew by 15% to ₹23274 Cr in FY24 from ₹20225 Cr in FY23
Return on Assets (RoA) increased by 30 bps to 1.07% in FY24 from 0.77% in FY23
Return on Equity (RoE) up by 451 bps to 19.24% in FY24 from 14.73% in FY23
Domestic Net Interest Margin (NIM) increased by 13 bps to 3.54% in FY24 from 3.41% in FY23
Yield on Advances (YoA) up by 96 bps to 8.72% in FY24 from 7.76% in FY23
Yield on Investments (YoI) increased by 35 bps to 6.80% in FY24 from 6.45% in FY23
Cost to Income Ratio is 45.92% for FY24
