Q4FY23 results: Indian Bank's net profit surges by 33.8 percent on y-o-y basis

New Delhi: In a regulatory filing on Monday, the state-run Indian Bank said that it has declared financial results for the quarter that ended on March 31 of the financial year 2023. The bank recorded a net profit of Rs 5,281.70 crores in FY23 as compared to Rs 3 944.82 crores in FY22, registering a growth of 33.8 percent. On q-o-q basis, the net profit increased from Rs 1,395.76 crores to Rs 1 447.28 crores, registering a growth of 3.69 percent.

Bank's revenue increased from Rs 45,771.67 crores to Rs 52,085.27 crores, registering a growth of 12.12 percent. Its GNPA decreased from 8.47 percent to 5.95 percent while its NNPA decreased from 2.27 percent to 0.9 percent. The bank's return on assets stood at 0.77 percent. The bank's capital adequacy ratio stood at 16.49 percent.

Bank announces interim dividend of Rs 8.6 per equity share for FY23

The filing also noted that the bank announced, "a dividend of Rs 8.60 per Equity Share for the financial year 2022-23." The bank is also planning to "raise capital up to Rs 4,000 crore (including premium) through various modes viz. QIPI FPOI Rights Issue or in combination thereof," the filing noted. It is also intending to "raise capital via Raising AT 1/ Tier-2 Capital aggregating up to Rs 3,000 crore through issuance of Basel III Compliant AT 1 Perpetual Bonds / Tier 2 Bonds in one or more tranches during the current or subsequent financial years based on the requirement," it added.

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