Tuesday, November 5, 2024
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Indian Bank has announced its Q4 FY2023 results. Net profit up by 47% YoY for Q4FY23

Bank’s Global Business reached 10.95 lakh Cr

Operating Profit up by 47% YoY for Q4FY23 & 20% YoY for FY23

Net profit up by 47% YoY for Q4FY23 & 34% YoY for FY23

Key Highlights (Quarter ended Mar’23 over Mar’22):

Net Profit up by 47% YoY at 1447 Cr in Mar’23 from 984 Cr in Mar’22

Operating Profit up by 47% YoY at 4016 Cr in Mar’23 from 2738 Cr in Mar’22

Net Interest Income increased by 29% YoY to 5508 Crin Mar’23 from4255 Crin Mar’22

Fee based income grew by 12% YoY to 914 Cr in Mar’23

Cost-to-Income Ratio improved to 46.47% in Mar’23 from 53.03% in Mar’22

Domestic NIM improved to 3.59% in Mar’23 from 2.87% in Mar’22

Return on Assets (RoA) improved to 0.82% in Mar’23 from 0.62% in Mar’22

Return on Equity (RoE) increased to 15.48% in Mar’23 from 11.70% in Mar’22

Advances increased by 14% YoY to 473586 Crin Mar’23 from415625 Crin Mar’22

RAM (Retail, Agriculture & MSME) advances grew by 12% YoY to 272679 Cr in Mar’23 from 242700 Crin Mar’22

RAM contribution to gross domestic advances is 61%. Retail, Agri & MSME advances grew by 13%16% & 7% YoY respectively. Home Loan (Including mortgage) grew by 11% YoY, Auto Loan by 28% YoY and Personal Loan by 46% YoY

Deposits increased by 5% YoY and reached to 621166 Crin Mar’23

CASA ratio stood at 42%

GNPA decreased by 252 bps YoY to 5.95% in Mar’23 from 8.47% in Mar’22, NNPA reduced by 137 bps to 0.90% from 2.27% in Mar’22

Provision Coverage Ratio (PCR, including TWO) improved by 644 bps YoY to 93.82% from 87.38% in Mar’22

Capital Adequacy Ratio at 16.49%. CET-I improved by 36 bps YoY to 12.89%
Tier I Capital improved by 31 bps YoY to 13.48%

Key Highlights (Year ended Mar’23 over Mar’22):

Net Profit up by 34% YoY to 5282 Cr inFY23from 3945 Crin FY22

Operating Profit increased by 20% YoY at 15271 Cr in FY23 from 12717 Cr in FY22

Net Interest Income grew by 21% to 20225 Cr inFY23from 16728 Cr in FY22

Return on Assets (RoA) increased to 0.77% inFY23from 0.63% in FY22

Return on Equity (RoE) improved to 14.73% in FY23 from 12.13% in FY22

Cost-to-Income Ratio improved to 44.20% in FY23from 46.21% in FY22

Net Interest Margin (NIM) Domestic increased by 50 bps to 3.41% inFY23from 2.91% in FY22

The Board of Directors has recommended a dividend of 8.60 per equity share (86%) for FY23 subject to requisite approvals

Key Highlights of Business Performance as on 31st March 2023:

Business:

Total Business recorded a YoY growth of 8% reaching the level of 1094752 Cr in Mar’23 from 1009243 Cr in Mar’22.

Advances grew by 14% to473586 Crin Mar’23 over 415625 Cra year ago. Growth in RAM sector is recorded at 12% YoY of which Retail, Agriculture & MSME grew by 13%16% 7% YoY respectively.

Deposits grew by 5% YoYto 621166 Crin Mar’23 as compared to 593618 Crduring the corresponding period a year ago.

CASA deposits recorded a YoY growth of 5% and stood at 260809 Crin Mar’23. The share of CASA to deposits stood at 42%.

Priority Sector portfolio stood at 152992 Crin Mar’23. Priority sector advances as a percentage of ANBC stood at 44% as against the regulatory requirement of 40%.

Network:

The Bank has 5787 domestic branches, out of which 1964 are Rural, 1517 are Semi-Urban, 1165 are Urban & 1141 are in Metro category. The Bank has 3 overseas branches & 1 IBU.

The Bank has 4929 ATMs & BNAs and 10750 number of Business Correspondents (BCs).

Digital Banking:

The Bank has established 3 Digital Banking Units (DBUs) at South Delhi, Lucknow and Karaikal.

Transactions through ATM, BNA & Digital channels improved by 8% YoY in Q4FY23.

Mobile Banking users increased by 68% YoY, while its transactions increased by 72% YoY.

UPI users and transactions increased by 27% YoY and 109% YoY respectively.

During the year, the Bank has launched various Digital Journeys under its Digital Transformation Programme