Indian Bank's Net Profit Soars 55% to Rs 2,247 Crore in Q4

Indian Bank reported a 55% jump in Q4 FY24 net profit to Rs 2,247 crore. Total income increased to Rs 16,887 crore, with NII rising 9% to Rs 6,015 crore. For FY24, net profit surged 53% to Rs 8,063 crore, and total income rose to Rs 63,482 crore. The stock traded 1.44% lower at Rs 535.75 on BSE.

Public sector lender Indian Bank reported a 55 per cent jump in net profit at Rs 2,247 crore in March quarter of 2023-24.

The bank had a net profit of Rs 1,447 crore in March quarter of the preceding fiscal.

Total income increased to Rs 16,887 crore in March quarter of FY24, from Rs 14,238 crore in the fourth quarter of FY23.

Net Interest Income (NII) increased by 9 per cent YoY to Rs 6,015 crore in March quarter of FY24, from Rs 5,508 crore in March quarter of FY23.

For full 2023-24 fiscal, net profit went up by 53 per cent YoY to Rs 8,063 crore, from Rs 5,282 crore in FY23.

Total income for FY24 increased to Rs 63,482 crore, from Rs 52,085 crore in FY23.

Shares of Indian Bank were trading at Rs 535.75, down 1.44 per cent over previous close on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)