Profit before tax soared 77.77% to Rs 2,747.82 crore in the third quarter of FY24 as against Rs 1,545.69 crore recorded in the third quarter of FY23.

Net interest income (NII) in Q3 FY24 was at Rs 5,815 crore, up 6% from Rs 5,499 crore posted in Q3 FY23. Net interest margin (NIM) stood at 3.41% in Q3 FY24 as against 3.67% in Q3 FY23.

Operating profit rose 1% Rs 4,097 crore in Q3 FY24 as compared with Rs 4,061 crore in Q3 FY23.

Total provisions fell 26% to Rs 1,978 crore in Q3 FY24 from Rs 2,665 crore reported in Q3 FY23.

Gross Advances increased by 13% YoY to Rs 5,09,800 crore in Q3 FY24 from Rs 4,51,658 crore in Q3 FY23.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 22,786.52 crore as on 31 December 2023 as against Rs 29,483.91 crore as on 31 December 2022.

The bank's net non-performing assets (NPAs) stood at Rs 2,578.72 crore as on 31 December 2023 as against Rs 4,270.48 crore as on 31 December 2022.

The ratio of gross NPAs declined to 4.47% as on 31 December 2023 from 6.53% as on 31 December 2022. The ratio of net NPAs reduced to 0.53% as on 31 December 2023 from 1% as on 31 December 2022.

Provision coverage ratio (PCR) (including TWO) improved by 95.90% as on 31 December 2023 as against 0.80% as on 31 December 2022.

During the quarter total deposit increased 10% YoY to Rs 6,54,154 crore. CASA deposit grew by 8%, savings deposit rose 7% and current deposit by 12% YoY. Domestic CASA ratio stood at 41.14% in Q3 FY24.

RAM (retail, agriculture & MSME) advances grew by 13% YoY to Rs 2,96,845 crore in 31 December 2023 from Rs 2,62,811 crore in 31 December 2022.

Capital adequacy ratio stood at 15.58%. CET-I improved by 39 bps YoY to 12.36% Tier I capital improved by 30 bps YoY to 12.88% in Q3 FY24.

During Q3FY24, bank’s return on assets & return on equity improved to 1.11% and 0.80% respectively.

The Bank has 5,835 domestic branches (including 3 DBUs), out of which 1981 are Rural, 1527 are semi-urban, 1,173 are urban & 1,154 are in metro category. The Bank has 3 overseas branches &1 IBU. The Bank has 4,899 ATMs & BNAs and 10,942 number of BCs.

Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also it offers various novel services to customers, both individuals and organisations.

Shares of Indian Bank shed 1.17% to Rs 440.45 on the BSE.