Mumbai: Indian Bank’s net profit increased 62% year-on-year riding on retail loan growth and a fall in provisions even as other income growth was tepid due to a fall in foreign exchange fees. Net profit increased to ₹1,988 crore in September 2023 from ₹1,225 crore a year ago.
Total advances increased 12% to ₹4.92 lakh crore in September mainly due to a 14% increase in retail loans and a 16% growth in agriculture advances. Retail, agriculture and MSME make up 62% of the bank’s loan book. Home loans grew by 13%, auto loans by 36% and personal loans grow 49%.
Net interest income (NII) or the difference between interest earned on loans and that paid on deposits increased by 23% to ₹5,741 crore from ₹4,684 crore a year ago. Non-interest income grew at a slower 9% because of a 72% drop in forex income.
Provisions dropped 25% to ₹1,551 crore as gross NPA ratio fell to 4.97% from 7.30%.
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