Indian Bank reports 55% growth in Q4 FY24 net profit

CHENNAI: Indian Bank on Monday posted 55% growth in net profit at Rs 2,247 crore in the quarter ended March 31, 2024 against Rs 1,447 crore in the corresponding quarter last year.

It was on the back of various factors including increase in Net Interest Income (NII) and fee-based income.

NII rose by 9% YoY at Rs 6,015 crore in Q4 FY24, which was at Rs 5,508 crore during the year ago quarter. Fee-based income was at Rs 970 crore in the quarter ended March 31, 2024, which is 6% growth when compared with Rs 914 crore in the same quarter last year.

Slippage ratio stood at 1.11% in the quarter ended March 31, 2024, which is a 132 bps decline over the same quarter last year. The fresh slippages was at Rs 1,238 crore in the last quarter of 2023-24.

Business of the public sector bank reached more than Rs 12 lakh crore in the end of 2023-24. The total deposits were up by 11% YoY at Rs 6,88,000 crore as of March 31, 2024.

Indian Bank MD & CEO S L Jain said the bank was likely to sell NPAs valuing Rs 500 crore to ARCs in FY25. "The value of bad loans that was sold to ARCs in FY24 was around Rs 450 crore," he said.