Indian Bank Q1 results: PAT skyrockets by 42%

Indian Bank Ltd reported unaudited financial results for the quarter that ended on June 2023 or Q1FY24. Talking about the financials for Q1FY24 on a consolidated basis in comparison to the same quarter last year, the bank’s net profit for the first quarter which ended on June 30, 2023, increased by 41.78% to Rs 1724.39 crore from Rs 1216.21 crore.   

In Q1FY24, the bank’s total interest earned increased by 28.37% from Rs 10165.86 crore to Rs 13049.94 crore in a similar quarter the year prior. In Q1FY24, the bank’s total net revenue increased by 25.42% from Rs 11897.53 crore to Rs 14921.43 crore in a similar quarter the year prior.           

Sequentially the bank’s net profit for the quarter which ended on June 30, 2023, increased by 17.95% from Rs 1462.02 crore. In Q1FY24, the bank’s total net revenue increased by 3.51% from Rs 14415.98 crore in the similar quarter the year prior.    

Talking about advances it increased by 13% YoY in June 23 from June 22. RAM (Retail, Agriculture & MSME) advances grew by 13% YoY in June 23 from June 22. RAM contribution to gross domestic advances is 61%, Retail & Agri advances grew by 16% YoY each while MSME advances grew by 7% YoY. Home Loan (Including Mortgage) grew by 14% YoY, Auto Loan by 29% YoY and Personal Loan by 52% YoY.   

CASA deposits recorded a YoY growth of 5% in June 23. The share of CASA to total deposits stood at 40%. GNPA decreased by 266 bps YoY to 5.47% in June 23 from 8.13% in June 22 and NNPA reduced by 142 bps YoY to 0.70% from 2.12% in June 22.  

In the last trading session, the scrip closed at Rs 328.35. Today it opened at Rs 334.95 and closed at Rs 342.45, up by 4.29%. Today it hitted fresh 52-week high at Rs 345.70 and it has 52-week low of Rs 171.40. The bank has a market cap of around Rs 42,650 crore. Over the past one year, it has given a staggering return of 93.51%.    

Indian Bank is a med sized PSU bank which was started in 1907. It offers deposits, loans and other banking services.  

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