Indian Bank Q2 Results: Profit Rises 36% To Rs 2,707 Crore

State-owned Indian Bank on Monday reported 36% increase in profit at Rs 2,707 crore for the second quarter ended September 2024.

The Chennai-based lender had earned a net profit of Rs 1,988 crore in the same quarter a year ago.

Total income increased to Rs 17,770 crore during the quarter under review from Rs 15,736 crore in the same period last year, Indian Bank said in a regulatory filing.

The bank reported interest income of Rs 15,348 crore during the quarter compared to Rs 13,743 crore in the same period a year ago.

Net Interest Income improved to Rs 6,194 crore, from Rs 5,741 crore in the second quarter of previous year, registering an increase of 8%.

As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets declining to 3.48% of gross loans by the end of September 2024 from 4.97% a year ago.

Similarly, net NPAs or bad loans moderated to 0.275 from 0.60% at the end of the second quarter of the previous fiscal.

Provision Coverage Ratio rose to 97.60% from 95.64% in September 2023.

Capital Adequacy Ratio improved by 102 basis points to 16.55% from 15.53% at the end of second quarter of last fiscal.