Indian Bank Q4 results, net profit up by 6 percent on Quarter basis

New Delhi: On 12 monthly basis, Net Profit up by 55% YoY at Rs 2247 Cr in Mar'24 from Rs 1447 Cr in Mar'23. The Board of Directors recommended a dividend of 120% amounting  Rs 12 per equity share for FY24 subject to requisite approvals.

In terms of quarter results, Net Profit up by 6% QoQ to Rs 2247 Cr in Mar'24 from Rs 2119 Cr in Dec'23. Operating Profit improved by 5% YoY Rs 4305 Cr in Mar'24 from Rs 4097 Cr in Dec'23.

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Some financial highlights for the overall year:

Operating Profit improved by 7% YoY to Rs 4305 Cr in Mar' 24 from Rs 4016 Cr in Mar'23.  Net Interest Income increased by 9% YoY to Rs 6015 Cr in Mar'24 from Rs 5508 Cr in Mar'23. Gross Advances increased by 13% YoY to Rs 533773 Cr in Mar'24 from Rs 473586 Cr in Mar'23. Return on Assets (RoA) increased by 30 bps to 1.07% in FY24 from 0.77% in FY23.

Business through Digital Channels has reached to Rs 81,250 Cr. A total of 78 Digital Journeys, Utilities and Processes have been launched so far. While the Cost to Income Ratio is 45.92%for FY24. Both UPI users and Net Banking Users have seen a 37% YoY increase, reaching 1.75 Crores and 1.06 Crores respectively.

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