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.

Comments

Post a Comment

Popular posts from this blog

First DPL match was won by US Consulate Staff Team

Image
  ICWO - Indian Community Welfare Organisation  organized the First DPL- Diplomat Cricket Tournament for Embassy, Consulate & High Commission Staff on 10 th   August 2024 at Soka Ikeda College of Arts and Science for Women, Sethu Bhaskara Nagar, Madhanangkuppam, Kolathur, Chennai. T he event aims to create high level Awareness to STOP Child Abuse, Child Trafficking, Child Marriage & Child Labour in Tamilnadu and mobilize funds for intervention to address the same. A.J.Hariharan, Secretary – ICWO thanked both the US Consulate and Malaysian Consulate for their support and participation in the diplomate cricket tournament as to create an awareness about the Child Marriage, Child Trafficking & Child Labour and Child Abuse in Tamilnadu. The tournament has created huge interest among the players and the consul officials. We, ICWO have plan to organize similar event on 3 rd  May 2025. This time for men and women doubles badminton tournament. We emphasis there is a greater need for
Read more

A 25 Year Voyage Through Rhythm: A Priceless Guru Nanak School Reunion

Image
Reconnecting with long-lost classmates, Teachers and School staff after a quarter-century has stirred deep feelings of nostalgia and priceless emotions. Anticipation filled the air as we eagerly awaited the long-awaited gathering on 25 th of November2023 at Hotel WESTIN, wondering how many would join us for this special occasion. A month before the anticipated reunion, few schoolmates addressed as the Core Team took the initiative to meticulously plan and organize the event, leaving an indelible mark on each of our hearts. The immediate reaction was one of overwhelming excitement, with tears in our eyes and smiles lighting up our faces. As an added delight, we collectively revisited our beloved Alma Mater, reviving cherished moments etched deep within our souls.Our school held tremendous significance, even those who ventured down different paths, departing in 7th, 8th, 9 th or 10th grade, still share an unbreakable bond with our iconic establishment, GURU NANAK MATRICLUATION SCHO
Read more

Pondicherry Art Akademy Celebrates 13 Years of Artistic Excellence with 7th National Women Artists Group Show

Image
Pondicherry Art Akademy, renowned for its commitment to promoting artistry over the past 13 years, proudly presents its 51st event: the 7th National Women Artists Group Show. The inauguration took place on April 5th at 4 PM at Cholamandal Artists' Village in Chennai, marking yet another milestone in the Academy's illustrious journey.  The ceremony commenced with renowned Contemporary Artist.Sovan Kumar, Regional Secretary of Lalit Kala Akademi, Chennai, symbolically cutting the ribbon to officially inaugurate the event. Shri Kaliaperumal, Director of the Art and Culture Department, Puducherry, further elevated the occasion by illuminating the kuthu vilakku and unveiling the catalog, with the prestigious first copy presented to the renowned Senior Artist C. Douglas of Cholamandal Artists Village.   Esteemed artist Aashima Mahrotra, Joint Secretary of the Ministry of Railways and a participant in the show, graced the event as the chief guest, alongside distinguished guests Seni
Read more