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Financial Results for the Quarter ended30th June 2024
Bank’s Global Businessis at₹12.20 lakh Cr, up by 11% YoY
• Net Profit up by 41%YoY at ₹2403Cr in Jun’24 from ₹1709 Crin Jun’23
• Operating Profitimproved by 9% YoY to ₹4502Crin Jun’24 from ₹4135 Cr in Jun’23
• Net Interest Income increased by 8% YoY to ₹6178 Crin Jun’24 from₹5703 Cr in Jun’23
• Fee based income grew by 17%YoY to ₹788 Crin Jun’24 from ₹671 Cr in Jun’23
• Return on Assets (RoA)up by 25 bps to1.20% in Jun’24from0.95% in Jun’23
• Return on Equity (RoE)increased by 188 bpsto 19.76%inJun’24from 17.88% in Jun’23
• Yield on Advances (YoA) up by 16 bps to 8.69% in Jun’24 from 8.53% in Jun’23
• Yield on Investments (YoI) increased by 43 bps to 7.15% in Jun’24 from 6.72% in Jun’23
• Gross Advances increased by 12% YoY to ₹539123Crin Jun’24 from₹479404Crin Jun’23
• RAM (Retail, Agriculture & MSME) advances grew by 13%YoY to ₹313301Cr in Jun’24 from ₹276435Crin Jun’23
• RAM contribution to gross domestic advances stood at62%. Retail, Agri& MSME advances grew by 14%, 18% and 6%YoY respectively. Home Loan (including mortgage)grew by 13% YoY andAuto Loan by 55% YoY
• Priority sector advances as a percentage of ANBC stood at 43% at ₹179664Crin Jun’24 as against the regulatory requirement of 40%
• Total Deposits increased by 10% YoY and reached to ₹681183Crin Jun’24 as against ₹621539 Cr in Jun’23. Both CASA & Savings deposit grew by6%, Current deposit grew by 5% YoY
• Domestic CASA ratio stood at 41%as on 30thJun’24
• CD ratio stood at79%as on 30thJun’24
• GNPA decreased by 170 bps YoY to 3.77%in Jun’24from 5.47% in Jun’23,NNPA reduced by 31 bps to 0.39%inJun’24from 0.70% in Jun’23
• Provision Coverage Ratio (PCR, including TWO) improved by 156 bpsYoY to 96.66%in Jun’24 from 95.10% in Jun’23
• Slippage Ratio contained to 1.50% in Jun’24 in comparison to 1.57% in Jun’23
• Capital Adequacy Ratioimproved by 69 bps to16.47%.CET-I improved by 111bps YoY to 13.42%,Tier I Capital improved by 105bps YoY to 13.93%
• Net Profitup by 7% QoQ to₹2403Crin Jun’24 from ₹2247Cr in Mar’24
• Operating Profit improved by 5%QoQ to₹4502Cr in Jun’24 from ₹4305 Cr in Mar’24
• Net Interest Incomeimproved by 3% QoQ to₹6178Crin Jun’24as against₹6015Cr in Mar’24
• Return on Assets (RoA) improved to 1.20% in Jun’24from 1.15% in Mar’24
• Yield on Investments (YoI)improved to 7.15% inJun’24 from 6.88% in Mar’24
• Domestic Net Interest Margin (NIM) improved to 3.53% in Jun’24 from 3.52% in Mar’24
• Cost to Income ratio improved by 368 bps to 44.31% in Jun’24 from 47.99% in Mar’24
• GNPA decreased by 18 bpsQoQ to 3.77% in Jun’24 from 3.95%inMar’24,NNPA reduced by 4 bps to 0.39%inJun’24from 0.43% in Mar’24
Network:
• The Bank has 5846domestic branches (including 3 DBUs), out of which 1983 are Rural, 1531are Semi-Urban, 1173are Urban &1159 are in Metro category. The Bank has3 overseas branches&1 IBU.
• The Bank has 5093ATMs & BNAs and 11945number of BCs.
Digital Banking:
• Business of ₹36,678 Cr has been generated through Digital Channels in Q1FY25. A total of 84Digital Journeys, Utilities and Processes have been launched so far.
• The number of Mobile Banking users has grown by 33% year over year, reaching 1.75 Cr.
• UPI users and Net Banking Users have seen a30%& 26% YoY increase respectively, reaching 1.85 Cr and 1.09 Cr respectively.
• The credit card users increased by 40% YoY to 2.38lakh, while the total number of Point of Sale (PoS) terminals has increased by 66% YoY, reaching a total of 21,656.
Awards & Accolades:
• The Bank has received Best Customer Experience Initiatives Award (Public Sector Bank) at ACI South Asia Converge 2024.
• Indian Bank along with two sponsored RRBs are adjudged as Best Performing Banks in Tamil Nadu under SGH Linkage by NABARD for FY24.
• The Bank has received APY ANNUAL AWARD OF VISIONARY ACHIEVER from PFRDA for achieving 112% of Annual Target (FY24)
Our Focus
Our focus is to deliver value-added and suitable solutions through the acumen of empowered employees and smart use of technology to cater the needs of the customers. Through a combination of cutting-edge technology and personalised service, we aim to simplify banking, making it more accessible, convenient and secure for everyone.
Bank has launched an array of digital products to facilitate customers for seamless and convenient banking experience. INDSMART- new omni channel banking application having wide range of features launched for customers. The app has several features viz., integrated bill payment, pay to contact, e-shopping / m-shopping, cross platform accessibility, goal planneretc providing a seamless and enriched experience for our valued customers. Further,in a single click, one can apply for loans e.g. Agri jewel, Shishu Mudra, Personal, renew MSME & KCC loans, open fixed deposits and savings account, etc. To garner low cost deposits, Bank has set-up liability verticals in major cities of India to ensure customized service to esteemed corporates and government departments.
We aim to be a trusted partner driving positive change by using technology to deliver entire gamut of financial products under one roof and enabling our customers to thrive in an ever evolving financial landscape.
