Indian Bank Q2 Updates: Total Business Increases By 9.8%

Public sector lender Indian Bank on Saturday said that its total business has increased by 9.8% on an annual basis to Rs 12.44 lakh crore for the quarter ended September 2024. While its deposits have grown by 8.1% to Rs 6.93 lakh crore, its gross advances have grown by 12% to Rs 5.51 lakh crore, it stated in its update to the stock exchanges.

The Chennai-headquartered bank had reported a 41% jump in its net profit to Rs 2,403 crore for the April-June 2024 quarter due to a decline in bad loans. It had earned a net profit of Rs 1,709 crore in the corresponding quarter of last year.

Recently, the bank had hiked the base rate and benchmark prime lending rate, while reducing those for certain shorter tenure loan. The base rate has been increased from 9.8% to 9.85%, while the BPLR from 14.05% to 14.1%, according to an exchange filing last week.