Indian Bank Q2 net profit jumps 62%
The Hindu
Indian Bank reported 62% jump in Q2 net profit to ₹1,988 crore, driven by higher net interest income, other income & improved asset quality. Advances & deposits grew 12% & 9% respectively. Fresh slippages were ₹1,976 crore, while recovery was more than ₹2,200 crore. RAM advances up 12%.
State-owned lender Indian Bank reported a 62% jump in the second-quarter standalone net profit to ₹1,988 crore, driven by an increase in net interest income, other income and improvement in asset quality.
“Quarter after quarter, our profitability, net interest income, and other income are growing,” MD and CEO Shanti Lal Jain told the media on Thursday.
The bank’s net interest income rose 23% to ₹5,741 crore, while fee based income grew by 11% to ₹805 crore in the second quarter on a year-on-year basis.
Advances increased 12% to ₹4,92, 288 crore from the year-earlier period, while deposits grew 9% to ₹6,40,803 crore.
We have guided for a 10-12% credit growth in FY24. We hope to continue the good performance, Mr. Lal said.
Bad debt recovery grew 6% during the second quarter. While the fresh slippages were to the tune of ₹1,976 crore, the recovery was more than ₹2,200 crore, he said.
Our planned way of growth by containing cost, keeping the loan mix at 60% to the Retail, Agriculture & MSME (RAM) segment and 40% to Corporate Segment continue to fetch good results, Mr. Lal added.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.