The public sector lender Indian Bank has declared financial results for the 4th quarter and financial year ended 31st March 2024

The public sector lender Indian Bank has declared financial results for the 4th quarter and financial year ended 31st March 2024. From Rs 1,447 crore in the March 2023 quarter to Rs 2,247 crore in the March 2024 quarter, there was a 55% increase in net profit. Net interest income (NII) for the firm jumped from Rs 5,508.3 cr in Q4FY23 to Rs 6,015.4 cr in Q4FY24, a 9.2% YoY growth. The bank’s operating profit jumped from 54016 Cr on March 23 to 54305 Cr in March 24, a 7% YoY gain. The bank reported a 33 basis point improvement in Return on Assets (RoA) to 1.15% as of March 24 from 0.82% as of March 23 and a 358 basis point increase in Return on Equity (RoE) to 19.06% from 15.48%. Indian Bank said that as of March 24, its total deposits have grown by 11% YoY to reach 5688000 Cr. Savings deposits grew by 7%, current deposits by 9%, and CASA deposits by 8% YoY. Domestic CASA was 42.31% as of March 31, 24. The bank’s NNPA dropped by 47bps to 0.43% from 0.90% as of March 23 and its GNPA dropped by 200bps YoY to 3.95% in March 24 from 5.95%. The Board of Directors of Indian Bank recommended a dividend of Rs.12.00 per equity share i.e. @ 120% of paid-up equity capital of the bank for FY24, as per a regulatory filing. Canara Bank Q4 Results: Net Profit Jumps 18.33% To Rs. 3,757 Cr; Rs. 16.10 Dividend Declared “The Record Date for payment of dividend will be Friday, the 07th June, 2024 (closure of Business Hours). The payment of dividend is subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank,” said Indian Bank in a stock exchange filing on Monday. On Saturday, June 15, 2024, the bank’s 18th Annual General Meeting of Shareholders will take place via Video Conferencing (VC) and Other Audio Visual Means (OAVM). In conjunction with the upcoming Annual General Meeting and Dividend payment, the bank’s book closure will take place from Saturday, June 8, 2024, to Saturday, June 15, 2024 (both days included). As of March 31, 2024, the Non-Performing Assets Provision Coverage ratio is at 96.34%, up from 93.82% as of March 31, 2023. Through the exercise of call options, the bank repaid Rs. 1000 crore in Tier 2 Bonds for the year that ended on March 31, 2024. The bank issued and distributed 10,15,22,842 equity shares of Rs. 10 each at a premium of Rs. 384 per share for the year that ended on March 31, 2024, to investors through QIP, for a total of Rs. 4000 Crore. A wholly owned operations support subsidiary of the bank was established in the financial year 2023-24 under the name “INDBANK GLOBAL SUPPORT SERVICES LIMITED,” with its registered office located in the state of Tamil Nadu. The subsidiary was incorporated on February 9, 2024. Suraj Estate Developers FY24 Results: PAT Soars 111%; Total Income Surges 35% There are 5847 domestic branches of the bank, including 3 DBUs. Of these, 1985 are classified as rural, 1530 as semi-urban, 1174 as urban, and 1158 as metro. The bank has one IBU and three abroad branches. The bank has 11297 BCs in addition to 4937 ATMs and BNAs in the year ended March 2024.