Indian Bank Reports 41% Profit Surge and Improved Asset Quality for Q1 FY25

Certainly! Here’s a clearer version of the text: Indian Bank, a state-owned bank based in Chennai, reported a 41% increase in its net profit to Rs 2,403 crore for the quarter ending June 2024. This was attributed to a decrease in non-performing loans. In the same period last year, the bank had recorded a net profit of Rs 1,709 crore.

According to a regulatory filing, the bank’s total income for the quarter rose to Rs 16,945 crore from Rs 14,759 crore a year ago. The interest income also saw growth, increasing to Rs 15,039 crore from Rs 13,049 crore in the corresponding quarter of the previous year.

In terms of asset quality, the bank’s gross non-performing assets (NPAs) improved to 3.77% of gross advances as of June 30, 2024, down from 5.47% in the April-June quarter of the previous fiscal year.

The net NPAs also decreased to 0.39% of the advances from 0.70% a year ago.

As a result of these improvements, provisions for bad loans decreased to Rs 896 crore compared to Rs 930 crore in the same quarter of the previous year. Additionally, the bank’s capital adequacy ratio increased to 16.47% from 15.78% as of June 30, 2023.