Indian Bank Q1 results: Net profit rises 41% YoY to Rs 1,709 cr

Indian Bank profit

Indian Bank recorded a net profit of 41 per cent YoY to Rs 1,709 cr on its first-quarter results for fiscal year 2024 on Thursday.

In addition, the Indian Bank said that net interest income climbed by 26 per cent YoY to 5,703 crore in Q1FY23 from 4,534 crore in Q1FY22.

Net interest income (NII) increased by 25.8 per cent to 5,703.5 crore in Q1FY24, compared to 4,534 crore in the same quarter last year. On a quarterly basis, the NII was 5703 crore in June’23, up from 5508 crore in March’23.

According to the bank, the Return on Assets (RoA) grew to 0.95 per cent in June’23 from 0.73 per cent in June’22, while the Return on Equity (RoE) increased to 17.88 per cent in Q1FY24 from 14.18 per cent in the previous quarter. The RoA increased by 13 basis points YoY to 0.95 per cent in June’23, while the RoE increased by 240 basis points YoY to 17.88 per cent in June’23.

Currently, the bank has 5,798 domestic branches, including 3 Digital Banking Units (DBUs), with 1970 rural, 1517 semi-urban, 1168 urban, and 1143 metro branches. The bank operates three international branches and one IFSC Banking Unit (IBU).

According to the bank, transactions through ATMs, BNAs, and digital channels climbed by 7 per cent YoY in Q1FY24, while mobile banking users increased by 36 per cent YoY. In addition, UPI users and transactions climbed by 33 per cent and 85 per cent, respectively, YoY.

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