What was Indian Bank's net profit in the December quarter?

Indian Bank reported a net profit of Rs 3,061 crore for the December quarter.

What contributed to Indian Bank's profit growth?

Indian Bank's profit growth was driven by a reduction in provisions and an improvement in asset quality.

How did Indian Bank's asset quality change in the December quarter?

The gross non-performing asset ratio improved to 2.23% from 2.60%, and provisions and contingencies fell by 19%.

Home / Business and Economy / Indian Bank Profit Surges on Lower Provisions

Indian Bank Profit Surges on Lower Provisions

24 Jan

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Summary

Net profit rose 7.3% year-on-year to Rs 3,061 crore.
Total business expanded 13.34% year-on-year to Rs 14.30 lakh crore.
Gross NPA ratio improved to 2.23% from 2.60%.

Indian Bank Profit Surges on Lower Provisions

Indian Bank announced a net profit of Rs 3,061 crore for the December quarter, marking a 7.3% increase compared to the previous year. This positive financial outcome was primarily attributed to a reduction in provisions and enhanced asset quality metrics.

The bank's total business demonstrated substantial growth, expanding by 13.34% year-on-year to reach Rs 14.30 lakh crore. This expansion was fueled by a 14.24% rise in gross advances and a 12.62% increase in deposits.

Asset quality showed marked improvement during the quarter. Provisions and contingencies fell by 19% year-on-year to Rs 857 crore. The gross non-performing asset (NPA) ratio declined to 2.23% as of December 31, from 2.60% at the end of the previous quarter, with the net NPA ratio also improving to 0.15%.

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