Q3FY23 results: Indian Bank registers net profit of 102% on y-o-y basis

Net profit of Indian Bank has increased from Rs 690 crore in Q3FY22 to Rs 1,396 crore in Q3FY23, registering a growth of 102 percent on y-o-y basis

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Q3FY23 results: Indian Bank registers net profit of 102% on y-o-y basis

New Delhi: State-owned Indian Bank stated in a regulatory filing on Wednesday that its net profit has increased from Rs 690 crore in Q3FY22 to Rs 1,396 crore in Q3FY23, registering a growth of 102 percent on y-o-y basis. “The bank’s operating profit also increased from Rs 3,288 crore in Q3FY22 to Rs 4,061 crore in Q3FY23 on y-o-y basis, registering a growth of 24 percent,” it said.

“Net Interest Income (NII) increased by 25 percent to 5,499 crore in Q3FY23 from 4,395 crore in Q3FY22. Fee based income grew by six percent to 704 crore in Q3FY23. Cost-to-lncome Ratio stood at 43.71 percent in Q3FY23 as against 44.75 percent in Q3FY22.
Domestic NIM increased to 3.74 percent in Q3FY23 from 3.03 percent in Q3FY22,” it added.

“Return on Assets (RoA) improved to 0.80 percent in Q3FY23 as against 0.43 percent in Q3FY22. Return on Equity (RoE) increased to 15.21 percent in Q3FY23 as against 8.26 percent in Q3FY22. Advances increased by 13 percent to Rs 4,51,658 crores in Q3FY23 from Rs 4,00,432 crore in Q3FY22. RAM (Retail, Agriculture and MSME) advances grew by 12 percent on y-o-y basis to Rs 2,62,811 crore in Q3FY23 from Rs 2,33,738 crore in Q3FY22,” it added.

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“Deposit increased by six percent on y-o-y basis and reached to Rs 5,97,114 crore in Q3FY23. CASA ratio stood at 40.4 percent. GNPA decreased by 260 bps on y-o-y basis to 6.53 percent in Q3FY23 from 9.13 percent, NNPA reduced by 172 bps to one percent from 2.72 percent in Q3FY22,” it added.

“Provision Coverage Ratio (PCR, including two) improved by 810 bps to 93.59 percent from 85.49 percent in Q3FY22 on y-o-y basis. Capital Adequacy Ratio at 15.74 percent. CET-I improved by 59 bps YoY to 11.97 percent. Tier I Capital improved by 55 bps to 12.58 percent on y-o-y basis,” the bank said.

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