Indian Bank net profit jumps 75%

Chennai: City Headquartered Indian Bank has announced it posted a net profit of Rs 365 crore for June quarter, compared to Rs 209 crore in the corresponding quarter last year, recording an increase of 75 per cent.

The bank said the growth was on the back of increase in other income by 58 per cent.

The bank’s RoA improved to 0.52 per cent from 0.33 per cent during the year ago period and RoE improved from 5.25 per cent to 9.06 per cent, while domestic NIM was at 2.85 per cent, it said in its release.

Its total business recorded a 14 per cent increase and was at Rs 4.26 lakh crore driven by a healthy growth of 15 per cent in deposits and 12 per cent in advances which reached Rs 2.41 lakh crore and Rs 1.84 lakh crore respectively.

The release said the bank’s loan book was well diversified with RAM constituting 60 per cent which witnessed a robust growth of 24 per cent in retail, 25 per cent in agriculture and 10 per cent in MSME sector year-on-year (y-o-y).

NT Bureau