Chennai: Indian Bank has announced the results for the second quarter ended 30 September at a meeting held here on Friday and the board of directors stated in a release that total business reached Rs 3.91 lakh crore with a year-on-year (YoY) growth of 14.28 per cent over Rs 3.42 lakh crore during the year ago period.
Deposits grew by 10.5 per cent to touch Rs 2.19 lakh crore while advances registered a YoY growth of 19.50 per cent to reach Rs 1.72 lakh crore, the release said.
Further, CASA grew by 7.29 per cent and RAM sector grew by 24.6 per cent to Rs 19,120 crore. RAM sector forms 58.7 per cent of the total domestic advances of the bank.
The bank announced that interest income grew by 13.01 per cent and net interest income grew by 12.13 per cent (up from Rs 1,544 crore to Rs 1,731 crore).
Operating profit declined by 13.42, i.e., from Rs 1,376 crore to Rs 1,191 crore, mainly on account of decline in profit on sale of investments. Excluding the same, operating profit grew by 6.53 per cent.
Net profit stood at Rs 150 crore, declined by 66.75 per cent from Rs 452 crore on account of MTM losses, lower trading income and higher provisions towards bad debts. Cost-to-income ratio was at 44.84 per cent, the release said.
The bank has also announced that mobile banking transactions grew by 78 per cent and internet banking transactions touched 6.75 Mio growing by 8.17 per cent from 6.24 Mio. Volume of POS transactions grew by 15.08 per cent from 26.65 lakh to 30.7 lakh.