Indian Bank Financial Results for the Quarter ended 30th June 2024

Key Highlights (Quarter ended Jun’24 over Jun’23)Bank’s Global Business is at ₹12.20 lakh Cr, up by 11% YoY

• Net Profit up by 41% YoY at ₹2403Cr in Jun’24 from ₹1709 Cr in Jun’23
• Operating Profit improved by 9% YoY to ₹4502Cr 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 Crin Jun’24 from ₹479404 Crin Jun’23
• RAM (Retail, Agriculture & MSME) advances grew by 13% YoY to ₹313301 Cr in Jun’24 from ₹276435 Crin Jun’23
• RAM contribution to gross domestic advances stood at 62%. Retail, Agri & MSME advances grew by 14%, 18% and 6% YoY respectively. Home Loan (including mortgage) grew by 13% YoY and Auto Loan by 55% YoY
• Priority sector advances as a percentage of ANBC stood at 43% at ₹179664 Crin Jun’24 as against the regulatory requirement of 40%
• Total Deposits increased by 10% YoY and reached to ₹681183 Crin Jun’24 as against ₹621539 Cr in Jun’23. Both CASA & Savings deposit grew by 6%, Current deposit grew by 5% YoY
• Domestic CASA ratio stood at 41% as on 30^thJun’24
• CD ratio stood at 79% as on 30^thJun’24
• GNPA decreased by 170 bps YoY to 3.77% in Jun’24 from 5.47% in Jun’23,NNPA reduced by 31 bps to 0.39% inJun’24from 0.70% in Jun’23
• Provision Coverage Ratio (PCR, including 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 Jun’24 in comparison to 1.57% in Jun’23
• Key Highlights (Quarter ended Jun’24 over Mar’24)
  Capital Adequacy Ratio improved by 69 bps to 16.47%. CET-I improved by 111bps YoY to 13.42%,Tier I Capital improved by 105bps YoY to 13.93%
• Net Profit up by 7% QoQ to ₹2403 Crin Jun’24 from ₹2247Cr in Mar’24
• Operating Profit improved by 5% QoQ to ₹4502Cr in Jun’24 from ₹4305 Cr in Mar’24
• Net Interest Income improved by 3% QoQ to ₹6178 Cr in Jun’24as against ₹6015Cr 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 3.77% in Jun’24 from 3.95% inMar’24,NNPA reduced by 4 bps to 0.39% inJun’24from 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 category. 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 generated through Digital Channels in Q1FY25. A total of 84 Digital Journeys, Utilities and Processes have been launched so far.
• The number of Mobile Banking users has grown by 33% year over year, reaching 1.75 Cr.
• UPI users and Net Banking Users have seen a 30% & 26% YoY increase respectively, reaching 1.85 Cr and 1.09 Cr respectively.
• The credit card users increased by 40% YoY to 2.38 lakh, while the total number of Point of Sale (PoS) terminals has increased by 66% YoY, reaching a total of 21,656.