Indian Bank's Q2 financial performance for FY 2024-25 presented by Shri. S L Jain, MD & CEO

Shri. S L Jain, MD & CEO of Indian Bank presented the Q2/Half Yearly results for FY 2024-25 of Indian Bank at a press conference held on 28th October 2024 at Indian Bank, Corporate Office, Royapettah, Chennai. 

Following is the  financial highlights. 

Strong Performance: Indian Bank's global business reached ₹12. 44 lakh crore, a 10% year-on-year (YoY) increase. Net profit soared by 36% YoY to ₹2707 crore, with operating profit rising 10% YoY to ₹4728 crore. Net interest income increased by 8% YoY to ₹6194 crore. Fee-based income also grew by 11% YoY to ₹891 crore. 

Profitability and Efficiency: Return on assets (RoA) climbed by 27 basis points (bps) to 1. 33%, while return on equity (RoE) rose 114 bps to 21. 04%. Yield on advances (YoA) improved by 2 bps to 8. 77%, and yield on investments (YoI) increased by 40 bps to 7. 17%. 

Loan Growth: Gross advances rose by 12% YoY to ₹550644 crore. Retail, Agriculture & MSME (RAM) advances grew by 14% YoY, representing 63% of gross domestic advances. Home loans, including mortgages, increased by 14% YoY. 

Deposit Growth: Total deposits climbed by 8% YoY to ₹693115 crore. Current, Savings & CASA deposits grew by 8%, 4%, and 5% YoY respectively. Domestic CASA ratio stood at 40. 47%. 

Asset Quality: Gross non-performing assets (GNPA) declined by 149 bps YoY to 3. 48%, and net non-performing assets (NNPA) decreased by 33 bps to 0. 27%. Provision coverage ratio (PCR) improved by 196 bps YoY to 97. 60%. 

Capital Adequacy: Capital adequacy ratio (CAR) improved by 102 bps to 16. 55%. Common Equity Tier-1 (CET-1) rose by 144 bps YoY to 13. 51%, and Tier-I capital increased by 138 bps YoY to 14. 01%. 

Key Metrics for H1FY25: Net profit grew 38% YoY to ₹5110 crore. Operating profit increased 9% YoY to ₹9230 crore. Net interest income rose 8% YoY to ₹12372 crore, with a domestic net interest margin (NIM) of 3. 51%. RoA improved by 25 bps to 1. 26%, while RoE climbed by 148 bps to 20. 38%. 

Network and Digital Presence: Indian Bank operates 5856 domestic branches, 5217 ATMs & BNAs, and 12993 business correspondents. The bank's digital channels generated ₹79,059 crore in business during H1FY25. Mobile banking users grew by 20% YoY, reaching 1. 81 crore. UPI users and net banking users increased by 27% and 13% YoY respectively. 

Awards and Recognition:  Indian Bank received multiple awards for its performance in financial inclusion, official language implementation, and agriculture initiatives. The bank was also named one of the Most Trustworthy Companies - 2024 in the Banking sector by Newsweek magazine. 

Focus:  Indian Bank prioritizes delivering value-added and customized solutions through empowered employees and advanced technology. The bank focuses on simplifying banking for customers through a blend of cutting-edge technology and personalized service. 

New Products and Services:  The bank launched INDSMA₹T, a new omni-channel banking application offering features like integrated bill payment, pay to contact, e-shopping / m-shopping, goal planner, and loan applications. Indian Bank is leveraging AI and Generative AI for developing various models and use cases. To garner low-cost deposits, the bank has established liability verticals in major cities to provide tailored services to corporations and government departments.

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