Indian Bank Q3 net profit surges 35% to Rs 2,852 crore

New Delhi: State-owned Indian Bank on Wednesday reported a 35 percent increase in net profit at Rs 2,852 crore for the third quarter ended December 2024, helped by core income.

The Chennai-based bank had earned a net profit of Rs 2,119 crore in the same quarter a year ago.

Its total income increased to Rs 17,912 crore from Rs 16,099 crore a year ago, Indian Bank said in a regulatory filing.

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The interest income also rose to Rs 15,759 crore during the quarter under review compared to Rs 14,198 crore in the year-ago period.

The company's net interest income increased by 10 percent to Rs 16,415 crore from Rs 15,815 crore in December 2023.

Its operating profit grew to Rs 4,749 crore against Rs 4,097 crore in the third quarter of the previous fiscal.

On the asset quality front, the bank's gross non-performing assets ratio moderated to 3.26 percent compared to 4.47 percent a year ago.

Similarly, net NPAs, or bad loans, came down to 0.21 percent from 0.53 percent at the end of the third quarter of the last fiscal.

As a result, the overall provisions, excluding tax, declined to Rs 1,059 crore during the quarter from Rs 1,349 crore a year ago.

The provision coverage ratio on non-performing loans improved to 98.09 percent as of December 31, 2024, against 95.90 percent at the end of December 31, 2023.

Capital Adequacy Ratio rose to 15.92 percent from 15.58 percent at the end of the third quarter of the previous financial year.

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