Chennai: Indian Bank has announced the financial results for the third quarter and stated that global business crossed Rs 4 lakh crore to reach Rs 4.02 lakh crore with a y-o-y growth of 11.97 per cent.
The bank’s net profits have declined by 49.8 per cent to Rs 152 crore from Rs 303 crore on account of higher provisions towards bad debts. CASA on the other hand grew by 6.85 per cent y-o-y from Rs 73,835 crore to Rs 78,890 crore.
However, the bank’s interest income on a year-on-year basis grew by 10.8 per cent, up from Rs 4,354 crore to Rs 4,824 crore, a release stated.
Net interest margin improved by three bps, up from 2.85 per cent to 2.88 per cent while operating profit declined by 5.2 per cent from Rs 1,209 crore to Rs 1,147 crore on account of increase in interest expenditure by 13.75 per cent (y-o-y increase of 10.75 per cent in term deposits). Cost-to-income ratio of the bank stood at 46.96 per cent.
Global deposits grew y-o-y by 9.35 per cent to touch Rs 2.25 lakh crore from Rs 2.06 lakh crore and global advances registered a y-o-y growth of 15.51 per cent to reach Rs 1.76 lakh crore from Rs 1.53 lakh crore.
The bank has a total of 9,451 customer touch points which include 2,839 domestic branches, three overseas branches, 3,787 ATM/BNAs. There are a total of 2,822 active business correspondents.