Indian Bank Managing Director and Chief Executive Officer S.L. Jain says that the bank is strategically channelising its efforts toward optimising the mobilisation of CASA deposits, with a firm commitment to delivering unparalleled customer services.
Indian Bank reported standalone net profit for the December quarter rose 52% from the year-earlier period to ₹2,119 crore due to growth in interest income.
Net interest income increased 6% to ₹5,815 crore and fee based income by 21% to ₹852 crore. Net interest margin stood at 3.49% (3.47%), the public sector lender said in a statement.
Gross non-performing assets decreased by 206 basis points (bps) to 4.47%, while net NPA reduced by 47 bps to 0.53%.
Provision coverage ratio improved by 231 bps to 95.90%. Capital adequacy ratio stood at 15.58%.
Gross advances of the bank increased by 13% ₹5,09,800 crore, while gross deposits rose 10% to ₹6,54,154 crore. CASA deposit grew by 8%, savings deposit grew by 7% and current deposit by 12%.
Overalll retail, agriculture and MSME (RAM) advances grew 13% YoY to ₹2,96,845 crore. RAM contribution to gross domestic advances was 63%.
Retail, agriculture and MSME advances individually grew 14%, 16% and 7% respectively. Home loan (including mortgage) grew by 12%, auto loan by 46% and personal loan by 30%.
“The bank is strategically channelising its efforts toward optimising the mobilisation of CASA deposits, with a firm commitment to delivering unparalleled customer services that impeccably address the diverse needs of our valued depositors,” said MD & CEO S.L. Jain.
