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Indian Bank logs 3% yoy growth in net profit at Rs1,213 crore during Q1FY23

1 Aug 2022 , 12:33 PM

Indian Bank has announced the financial results for the quarter ended on June 30, 2022.

Key Highlights (quarter ended Jun'22 over Jun'21)

  • Net Profit up by 3% YoY at Rs1213 crore in Jun'22 from Rs1182 crore in Jun'21
  • Operating profit for Jun'22 up by 4% YoY at Rs3564 crore from Rs3416 crore in Jun'21
  • Net Interest income increased by 13% YoY to Rs4534 crore in Jun'22 from Rs3995 crore in Jun21
  • Fee based income grew by 35% to Rs627 crore in Jun'22
  • Non-Interest income (excluding treasury income) grew by 37.67% to Rs1736 crore in Jun'22 from Rs1261 crore in Jun'21
  • Domestic NIM stood at 3.10% in Jun'22 as against 2.85% in Jun'21
  • Return on Assets (RoA) stood at 0.73% in Jun'22
  • Return on Equity (RoE) stood at 14.18% for Jun'22
Key Highlights (quarter ended Jun'22 over Mar'22
  • Net Profit up by 23% Q-o-Q at Rs1213 crore in Jun'22 from Rs984 crore in Mar'22
  • Operating profit increased by 30% at Rs3564 crore in Jun'22 from Rs2738 crore in Mar'22 due to increase in spread & other income
  • Net interest Income grew by 7% in Jun'22 to Rs4534 crore from Rs4255 crore in Mar'22
  • Non-Interest Income (excluding treasury income) increased by 17% to Rs1736 crore in Jun'22 from Rs1489 crore in Mar'22
  • On a Q-o-Q sequential basis Return on Assets (RoA) rose by 11 bps to 0.73% in Jun'22 as compared to 0.62% in Mar'22 quarter.
  • Return on Equity (RoE) improved to 14.18% in Jun'22 as against 11.70% a quarter ago.
  • Cost-to-Income Ratio stood at 41.94% in Jun'22 as against 53.03% in the previous quarter.
Business Highlights as on June 30, 2022
  • Total Business recorded a YoY growth of 9% reaching the level of Rs1009454 crore in Jun'22 as against Rs929708 crore in Jun'21.
  • Total Deposits grew by 8% YoY to Rs584251 crore in Jun'22 as compared to Rs540082 crore during the corresponding period a year ago.
  • CASA deposits recorded a YoY growth of 8% and stood at Rs237967 crore in Jun'22. The share of domestic CASA to domestic deposits was 41.29% in Jun'22 as against 41.42% a year ago. CASA growth was driven by 14% YoY growth in Current Account deposits and 7% YoY growth in Savings account deposits.
  • Priority Sector portfolio increased to Rs159653 crore in Jun'22 from Rs148806 Cr in Mar'22. Priority sector advances as a percentage of ANBC stood at 46.91% as against the regulatory requirement of 40%.
Commenting on the results, the company said, "Indian Bank has envisioned tiered approach to achieve consistent business growth and driving business value for stakeholders. Bank's approach has been shifted from conventional to digital banking to save time & resources and supportcustomer satisfaction."

At around 12:10 PM, Indian Bank was trading at Rs176.60 per share up by Rs0.4 or 0.23% from its previous closing of Rs176.20 per share on the BSE.

Related Tags

  • financial results
  • Indian bank
  • Indian Bank news
  • Indian Bank shares
  • Indian Bank stocks
  • Q1FY23
  • quarter results
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