look news india
New Delhi, 29 July (HS). Public sector Indian Bank has announced the results of the first quarter (April-June) of the current financial year 20224-25. In the April-June quarter, the bank's profit has increased by 41 percent to Rs 2,403 crore. In the same period of the previous financial year, the bank had a net profit of Rs 1,709 crore.
Indian Bank told the stock market on Monday that the bank's results have improved in the April-June quarter due to a reduction in bad loans. According to the bank, the total income of Indian Bank in the first quarter increased to Rs 16,945 crore, which was Rs 14,759 crore in the same quarter of the previous financial year. The interest income of the Chennai-based bank in the first quarter increased from Rs 13,049 crore to Rs 15,039 crore on an annual basis.
According to the bank, in terms of asset quality, its gross non-performing assets (NPA) stood at 3.77 per cent of total loans as of June 30, 2024, as against 5.47 per cent a year ago. The bank said that its net NPA also came down from 0.70 per cent to 0.39 per cent on an annual basis. Due to reduction in NPA, provision for bad loans came down from Rs 930 crore to Rs 896 crore during the same period of the previous financial year. Apart from this, the capital adequacy ratio of the bank has increased to 16.47 per cent as compared to 15.78 per cent as on June 30, 2023.