On a standalone basis, Indian Bank’s net profit increased by 102.36% to Rs 1,395.76 crore in Q3 FY23 compared to Q3FY22, with total income increasing by 18.02%.
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Profit before tax in Q3FY23 stood at Rs 1,545.69 crore, up 94.45% from Rs 794.91 crore in Q3FY22.
Net Interest Income (NII) rose by 25% to Rs 5,499 crore, while domestic Net Interest Margin (NIM) has improved by 71 basis points (bps) to 3.74% in the Oct-Dec quarter of FY23 over the Oct-Dec quarter of FY22.
The bank’s operating profit has risen by 24% to Rs 4,061 crore in the Oct-Dec quarter of FY23 from Rs 3,288 crore in the Oct-Dec quarter of FY22.
Gross non-performing assets (NPA) amounted to Rs 29,433.91 crore in Q3 FY23 as against Rs 31,958.83 crore in Q2FY23 and Rs 36,539.57 crore in Q3FY22. The gross NPA ratio was at 6.53% Oct-Dec quarter of FY23 against 7.3% as of September 30, 2022, and 9.13% Oct-Dec quarter of FY22.
Net NPA ratio was at 1% Oct-Dec quarter of FY23 against 1.50% as on September 30, 2022, and 2.72% Oct-Dec quarter of FY22.
The capital adequacy ratio is 15.74%. CET-1 increased 59 basis points YoY to 11.97%, while Tier 1 capital increased 55 basis points YoY to 12.58%. The bank has 5,770 domestic branches, three overseas branches and 1 IBU, 4,969 ATMs, BNAs, and 10,368 BCs.
This is a public sector bank with a government stake at 79.86% in the bank till last month. The scrip rose 0.74% on BSE to currently trade at Rs 292.10.