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Chennai, July 30
Public sector lender Indian Bank has reported a marginal increase in its net profit at ₹1,213 crore for the quarter ended June 30, 2022, when compared with ₹1,182 crore in the year-ago quarter.
The operating profit of the Chennai-headquartered Indian Bank was marginally up 4 per cent to ₹3,564 crore (₹3,416 crore).
Net interest income reported a double-digit growth of 13 per cent at ₹4,534 crore (as against ₹3,995 crore).
Interest income crossed ₹10,000 crore and stood at ₹10,154 crore (₹9,624 crore in Q1 of FY22), an increase of 6 per cent. Non-interest income was lower by 12 per cent at ₹1,604 crore (₹1,820 crore).
Gross NPAs
Fresh slippages in June 2022 quarter were at ₹2,885 crore, of which ₹777 crore was in the corporate category, while MSME, Retail and Agriculture accounted for ₹1,317 crore, ₹527 crore and ₹264 crore respectively.
Gross NPA was lower at 8.13 per cent in June 2022 quarter as compared to 9.69 per cent in June 2021 quarter and 8.47 per cent in March 2022 quarter. Net NPA was at 2.12 per cent, down from 3.47 per cent in June 2021 quarter and from 2.27 per cent in the preceding quarter.
“As the economy opens up after the pandemic, the demand for credit has risen & there is an indication of green shoots of the domestic economy. The Bank is well equipped to meet the market expectations and the thrust is on corporates as well as retail customers. We are also keeping a watch on the economy due to volatile global conditions and calibrating our actions in response to the rising inflation and measures being taken by the RBI as well as the Government,” said a statement.
Domestic advances grew 6 per cent to ₹399,360 crore (₹377,741 crore in June 2021 quarter). Retail, Agriculture and MSME (RAM) loans grew by 14 per cent (at ₹80,667 crore), 13 per cent (at ₹90,505 crore) and 8 per cent (at ₹73,075 crore) respectively. The three segments accounted for 61.2 per cent of gross domestic advances.
Total domestic deposits grew by 8 per cent to ₹574,119 crore (₹531,376 crore in Q1 of FY22). CASA grew by 8 per cent to ₹237,967 crore and had a 40.73 per cent share.
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