Indian Bank Q1 net profit at Rs 1,213 cr

Public sector Indian Bank closed the first quarter of FY23 with net profit of Rs 1,213.44 crore, higher than what it had logged during Q1FY22. According to Indian Bank, it had earned a net profit of Rs 1,213.44 crore for the period ended June 30, up from Rs 1,181.66 crore earned during the corresponding period of the previous year. During this period, the bank’s advances grew by nine per cent to Rs 425,203 crore over Rs 389,626 crore a year ago, primarily driven by the growth in the retail, agriculture, and MSME segments. Indian Bank’s total deposits grew by eight per cent to Rs 584,251 crore as compared to Rs 540,082 crore during the corresponding period a year ago. As on June 30, the gross non-performing assets (GNPA) stood at Rs 34,573.34 crore (Rs 37,759.18 in previous period) and the net NPA at Rs 8,470.72 crore (Rs 12,652.87 crore).