Indian Bank Q4 results: Profit jumps 55% YoY to Rs 2,247 crore; Rs 12 dividend declared

Indian Bank Ltd on Monday registered a 55 per cent rise in its fourth-quarter (Q4 FY24) profit, at Rs 2,247 crore, from Rs 1,447 crore in the year-ago period. The state-owned lender's net interest income increased by 9 per cent (YoY) to Rs 6,015 crore in Q4 FY24 as against Rs 5,508 crore in the corresponding period last year.

Return on assets were up by 33 basis points (bps) to 1.15 per cent in March 2024 from 0.82 per cent in March 2023. Return on equity ascended by 358 bps to 19.06 per cent in Q4 FY24 from 15.48 per cent in March 2023.

Gross advances increased by 13 per cent (YoY) to Rs 5,33,773 crore in March 2024. During the quarter under review, total deposits increased by 11 per cent YoY and reached to Rs 6,88,000 crore. CASA deposit grew by 8 per cent, savings deposit by 7 per cent and current deposit by 9 per cent (YoY).

Gross non-performing asset decreased by 200 bps YoY to 3.95 per cent in Mar'24 and net NPA reduced by 47 bps to 0.43 per cent. "Slippage ratio contained to 1.11 per cent in Mar'24 in comparison to 2.43 per cent in Mar'23, i.e improvement of 132 bps YoY," the lender mentioned.

"Capital adequacy ratio stood at 16.44 per cent. CET-I improved by 63 bps YoY to 13.52 per cent. Tier I Capital improved by 55 bps YoY to 14.03 per cent," it further stated.

The bank's Board of directors recommended a dividend of Rs 12 per equity share for FY24, subject to requisite approvals.

Shares of Indian Bank settled 1.93 per cent lower at Rs 533.05 today.