India Bank Q1 Results: Total Income Increased to INR 16,945 Crore India Bank reported a total income increase to INR 16,945 crore, an 14 per cent increment from previous year
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State-owned Indian Bank reported a 41 per cent increase in net profit, reaching INR2,403 crore for the quarter ending June 2024, attributed to a reduction in bad loans. The bank's net profit stood at INR1,709 crore during the same period last year. The bank's total income rose to INR 16,945 crore, up from INR 14,759 crore in the previous year, a 14.81 per cent rise, according to a regulatory filing. Interest income also saw a boost, growing to INR 15,039 crore from INR 13,049 crore in the corresponding quarter a year ago.
On the asset quality front, Indian Bank's gross non-performing assets (NPAs) improved to 3.77 per cent of gross advances as of June 30, 2024, compared to 5.47 per cent in the April-June quarter of the prior fiscal year. Similarly, net NPAs declined to 0.39 per cent of advances from 0.70 per cent a year earlier. This improvement in asset quality led to a decrease in provisions for bad loans, which fell to INR 896 crore from INR 930 crore in the same quarter last year. Additionally, the bank's capital adequacy ratio increased to 16.47 per cent, up from 15.78 per cent as of June 30, 2023.
The total expenditure (excluding provisions and contingencies) touched INR 12,443 crore as compared to INR 10,624 for the same in the previous year. Profit for ordinary activities before tax stood at INR 3,243 crore in Q1 as compared to INR 2,394 in the previous year.
