Indian Bank Q2 profit rises 36% to Rs 2,707 crore

New Delhi: State-owned Indian Bank on Monday reported 36 percent increase in profit at Rs 2,707 crore for the second quarter ended September 2024.

The Chennai-based lender had earned a net profit of Rs 1,988 crore in the same quarter a year ago.

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Total income increased to Rs 17,770 crore during the quarter under review from Rs 15,736 crore in the same period last year, Indian Bank said in a regulatory filing.

The bank reported interest income of Rs 15,348 crore during the quarter compared to Rs 13,743 crore in the same period a year ago.

Net Interest Income (NII) improved to Rs 6,194 crore, from Rs 5,741 crore in the second quarter of previous year, registering an increase of 8 percent.

As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 3.48 percent of gross loans by the end of September 2024 from 4.97 percent a year ago.

Similarly, net NPAs or bad loans moderated to 0.27 percent from 0.60 percent at the end of the second quarter of the previous fiscal.

Provision Coverage Ratio rose to 97.60 percent from 95.64 percent in September 2023.

Capital Adequacy Ratio improved by 102 basis points to 16.55 percent from 15.53 percent at the end of second quarter of last fiscal.

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