Indian Bank Q2 results: Net profit rises 61% to Rs 2,068.49 crore

Today, shares of Indian Bank surged after strong financial results for the second quarter of FY24. On a consolidated basis, in Q2FY24 the bank recorded a robust financial performance with a 60.67% year-on-year increase in net profit, reaching Rs 2068.49 crore compared to Rs 1287.39 crore in the corresponding quarter of the previous year. During the second quarter of FY24 the bank total net revenue showed an increase by 25.29% from Rs 12,714.20 crore to Rs 15,929.41 crore, compared to the same quarter in the preceding year.

Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 11.83% from Rs 1849.68 crore. In Q2FY24, the bank total net revenue registered a 6.76% increase compared to the previous quarter settling at Rs 14,921.43 crore.

Talking about the bank’s quarterly highlights, the bank’s Gross Non-Performing Assets (GNPA) ratio improved to 4.97%, down from 5.47% in June 2023 and 7.30% in September 2022. Similarly, the Net Non-Performing Assets (NNPA) ratio also showed improvement, standing at 0.60% in September 2023, down from 0.70% in June 2023 and 1.50% in September 2022.

The bank’s deposits stood at Rs 6.41 lakh crore, growing by 9%, and advances grew by 12%, reaching 4.92 lakh crore. The Bank’s Current Account Saving Account (CASA) ratio grew by 7% year-over-year and 3% quarter-over-quarter.

Yesterday, the stock closed at Rs 400.45. Today, it opened at Rs 407.55 and is currently trading at Rs 413.35, up by 3.22%. The bank’s 52-week high stands at Rs 446.15, and the 52-week low is at Rs 232.30. The bank currently commands a market capitalization of approximately Rs 51,400 crore, with shares having generated a one-year return of 74.16%. Over the last 13 months, the bank’s shares have given a multibagger return of around 115%.

Indian Bank is a medium-sized bank which was started in 1907. It offers deposits, loans and services. The Bank’s segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations.

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