Indian Bank Q2 net profit jumps 164% to Rs 1,089 crore

On the plus prime front, the gross NPA decreased by 13 bps connected q-o-q basis, nett NPA reduced by 21 bps to 3.26 % from 3.47 % q-o-q. The superior adequacy ratio stood astatine 15.88%.

Chennai-based nationalist assemblage lender Indian Bank connected Thursday reported a 164% leap successful its nett net astatine Rs 1,089 crore for the 2nd 4th of FY22 arsenic against Rs 412 crore successful the year-ago period. Total income stood astatine Rs 11,440 crore arsenic against Rs 11,616 crore, registering a marginal decline.

Shanti Lal Jain, MD & CEO, Indian Bank, told mediapersons that summation successful different income and simplification successful provisioning person helped the slope station profits successful the 2nd quarter.

On the plus prime front, the gross NPA decreased by 13 bps connected q-o-q basis, nett NPA reduced by 21 bps to 3.26 % from 3.47 % q-o-q. The superior adequacy ratio stood astatine 15.88%.

Jain said the caller slippages were lesser astatine Rs 3, 952 crore arsenic compared to Rs 4,204 crore successful Q1FY22. Cash betterment was higher astatine Rs 831 crore and AUC (advance nether collection) betterment was higher astatine Rs 775 crore compared to Q1. Fresh slippage arsenic compared to y-o-y, was precocious owed to firm loans and harvest loans.

Retail, agriculture and MSME (RAM) advances grew by 14%, 16% and 8%, respectively. RAM assemblage grew by 13%. Its publication to home advances was astatine 60%, helium said.

Net involvement income (NII) declined by 1% y-o-y ground to Rs 4,084 crore from Rs 4,144 crore. However, connected q-o-q sequential basis, it grew by 2%. The nett involvement borderline (NIM) improved by 4 ground points (bps) connected q-o-q sequential basis. It stood astatine 2.89% for Q2FY22 arsenic against 3.06% for Q2FY21.

Non-interest income went up by 26% y-o-y and 8% q-o-q. It stood astatine Rs 1,966 crore arsenic against Rs 1,558 crore successful Q2FY21 connected relationship of summation successful betterment of atrocious debts (450%) and forex income (42%).

Advances grew by 5% to Rs 3, 85,730 crore from Rs 3,65,896 crore, chiefly driven by maturation successful RAM assemblage (13%). RAM constitutes 60% of the full advances. The slope has focused connected superior airy maturation successful credit.

Total deposits grew by 10% to Rs 5, 51, 472 crore arsenic against Rs 5, 01, 956 crore.

Current relationship savings relationship CASA deposits grew by 8% to Rs 2,25,309 crore. The stock of CASA to full deposits stood astatine 41% portion existent relationship deposits grew by 14% and savings relationship deposits by 8%. Total concern recorded a 8% growth, reaching the level of Rs 9, 37, 202 crore arsenic against Rs 8,67,852 crore. On a sequential q-o-q basis, it accrued by 1%.