Indian Bank Q3 PAT soars 102% YoY to Rs 1,396 cr

Indian Bank reported 102.36% jump in standalone net profit to Rs 1,395.76 crore on 18.02% rise in total income to Rs 13,550.68 crore in Q3 FY23 over Q3 FY22.

Profit before tax in Q3 FY23 stood at Rs 1,545.69 crore, up 94.45% from Rs 794.91 crore in Q3 FY22.

Net Interest Income (NII) rose by 25% to Rs 5,499 crore while domestic Net Interest Margin (NIM) has improved by 71 basis points (bps) to 3.74% in Q3 FY23 over Q3 FY22.

The bank's operating profit has risen by 24% to Rs 4,061 crore in Q3 FY23 from Rs 3,288 crore in Q3 FY22.

Provisions (other than tax) and contingencies in the third quarter amounted to Rs 2,515.73 crore as against Rs 2,493.05 crore posted in same quarter last year. Provision coverage ratio improved by 810 bps YoY to 93.59% from 85.49% posted in December 2021.

CASA deposits recorded a YoY growth of 3% and stood at Rs 2,41,213 crore in December 2022. The share of CASA to deposits stood at 40.4%.

Gross non-performing assets (NPA) amounted to Rs 29,433.91 crore in Q3 FY23 as against Rs 31,958.83 crore in Q2 FY23 and Rs 36,539.57 crore in Q3 FY22.

Gross NPA ratio was at 6.53% as on 31 December 2022 as against 7.30% as on 30 September 2022 and 9.13% 31 December 2021.

Net NPA ratio was at 1% as on 31 December 2022 as against 1.50% as on 30 September 2022 and 2.72% as on 31 December 2021.

Advances increased by 13% YoY to Rs 4,51,658 crore in December 2022 from Rs 4,00,432 crore in December 2021. Deposits increased by 6% YoY to Rs 5,97,114 crore in December 2022.

Capital adequacy ratio was at 15.74%. CET-1 improved by 59 bps YoY to 11.97% while Tier I Capital improved by 55 bps YoY to 12.58%.

As on 31 December 2022, the bank has 5,770 domestic branches, 3 overseas branches & 1 IBU, 4,969 ATMs & BNAs and 10,368 BCs.

Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 31 December 2022.

The scrip rose 0.74% to currently trade at Rs 292.10 on the BSE.

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