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MUMBAI : State-owed Indian Bank on Wednesday reported a 102% increase in standalone net profit to 1,396 crore in Q3 FY23 and met the Bloomberg estimate of 1,409 crore, owing to stronger net interest income.

The Bank’s total income increased to 13,551 crore in the quarter from 11,482 crore in the year-ago period, and 12 538 crore in the September quarter. 

 Domestic net interest margin (NIM) increased by 54 basis points (bps) to 3.74% in December as against 3.2% in September. Operating profit for December was up by 24% year-on-year (y-o-y) at 4,061 crore from 3,288 crore in the same quarter of the previous fiscal.

The bank's total deposits increased 6% y-o-y to 5.97 trillion in the December quarter as compared to 5.62 trillion during the corresponding period a year ago. Its total advances grew  by 13% to 4.51 trillion in Q3 FY23, as against 4 trillion a year ago.

The bank’s provision coverage Ratio (PCR) improved by 810 bps y-o-y to 93.59% in Q3 FY23, from 85.49% in Q3 FY22.

Its gross NPA ratio was at 6.53% as on 31 December 2022 as against 7.3% on 30 September 2022 and 9.13% on 31 December 2021. The bank’s net NPA ratio was at 1% as on 31 December 2022 as against 1.50% on 30 September 2022 and 2.72% on 31 December 2021.

Indian Bank’s current and savings account (CASA) deposits recorded a y-o-y growth of 3% and stood at 2.41 trillion in December 2022. The share of CASA to deposits stood at 40.4%. 

Its capital adequacy ratio was at 15.74%. Shares of Indian Bank on BSE closed at 291.7 apiece, up 0.6% from their previous close.

 

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