Indian Bank has announced its Q1 FY2024 results. Net profit up by 41% YoY.

Financial Results for the Quarter ended 30th June 2023

Bank’s Global Business crossed ₹11 lakh Cr

Key Highlights (Quarter ended Jun’23 over Jun’22)

Net profit up by 41% YoY

Operating Profit up by 16% YoY

  • Net Profit up by 41% YoY at ₹1709 Cr in Jun’23 from ₹1213 Cr in Jun’22
  • Profit Before Tax up by 78% YoY at ₹2394 Cr in Jun’23 from ₹1345 Cr in Jun’22
  • Operating Profit grew by 16% YoY at ₹4135 Cr in Jun’23 from ₹3564 Cr in Jun’22
  • Net Interest Income increased by 26% YoY to ₹5703 Crin Jun’23 from ₹4534 Crin Jun’22
  • Fee based income grew by 7% YoY to ₹671 Cr in Jun’23
  • Cost-to-Income Ratio stood at 44.22% in Jun’23
  • Domestic NIM improved to 3.61% in Jun’23 from 3.10% in Jun’22
  • Return on Assets (RoA) improved to 0.95% in Jun’23 from 0.73% in Jun’22
  • Return on Equity (RoE) increased to 17.88% in Jun’23 from 14.18% in Jun’22
  • Total Business recorded a YoY growth of 9% reaching the level of ₹1100943 Cr in Jun’23 from ₹1009454 Cr in Jun’22
  • Advances increased by 13% YoY to ₹479404 Cr in Jun’23 from ₹425203 Cr in Jun’22
  • RAM (Retail, Agriculture & MSME) advances grew by 13% YoY to ₹276435 Cr in Jun’23 from ₹244247 Cr in Jun’22
  • RAM contribution to gross domestic advances is 61%. Retail & Agri advances grew by 16% YoY each while MSME advancesgrew by 7% YoY. Home Loan (Including mortgage) grew by 14% YoY, Auto Loan by 29% YoY and Personal Loan by 52% YoY
  • Deposits grew by 6% YoY and reached to 621539 Cr in Jun’23
  • CASA deposits recorded a YoY growth of 5% and stood at ₹250242 Crin Jun’23. The share of CASA to total deposits stood at 40%.
  • GNPA decreased by 266 bps YoY to 5.47% in Jun’23 from 8.13% in Jun’22, NNPA reduced by 142 bps YoY to 0.70% from 2.12% in Jun’22
  • Provision Coverage Ratio (PCR, including TWO) improved by 702 bps YoY to 95.10% from 88.08% in Jun’22
Key Highlights (Quarter ended Jun’23 over Mar’23) 

Capital Adequacy Ratio stood at 15.78%. CET-I & Tier I Capital at 12.31% & 12.88% respectively

  • Net Profit up by 18% QoQ to ₹1709 Cr in Jun’23 from ₹1447 Cr in Mar’23
  • Profit Before Tax up by 65% QoQ at ₹2394 Cr in Jun’23 from ₹1452 Cr in Mar’23
  • Operating Profit stood at ₹4135 Cr in Jun’23 as against ₹4016 Cr in Mar’23
  • Net Interest Income stood at ₹5703 Crin Jun’23 as against ₹5508 Cr in Mar’23
  • Return on Assets (RoA) improved by 13 bps QoQ to 0.95% in Jun’23
  • Return on Equity (RoE) improved by 240 bps QoQto 17.88% in Jun’23
  • Cost-to-Income Ratio improved by 225 bps QoQ to 44.22% in Jun’23
  • Priority Sector portfolio stood at ₹160863 Crin Jun’23. Priority sector advances as a percentage of ANBC stood at 44% as against the regulatory requirement of 40%.


  • The Bank has 5798 domestic branches including 3 Digital Banking Units (DBUs), out of which 1970 are Rural, 1517 are Semi-Urban, 1168 are Urban & 1143 are in Metro category. The Bank has 3 overseas branches & 1 IFSC Banking Unit (IBU).
  • The Bank has 4804 ATMs & BNAs and 10805 number of Business Correspondents (BCs).

Digital Banking:

  • Transactions through ATM, BNA & Digital channels improved by 7% YoY in Q1FY24.
  • Mobile Banking users increased by 36% YoY.
  • UPI users and transactions increased by 33% YoY and 85% YoY respectively.
  • During Q1FY24, the Bank has launched various Digital Journeys under its Digital Transformation Programme.

Awards & Accolades:

  • Bank received the following awards for excellent performance in enrollment of Atal Pension Yojana (APY) scheme:
  • APY Leadership Pinnacle Exemplary Award of Par Excellence (Campaign for MD & CEO of banks): Indian Bank topped among all the PSBs with 181.95% achievement of the target.
  • APY National Championship Cup for Sponsor Banks and RRBs: Bank stood 2nd Best among all the teams- received APY Championship Trophy of Par-Excellence along with APY Championship Exemplary Award.

Our Focus:

We strive to enhance customer satisfaction by leveraging digital technologies, delivering customised experiences and proactively resolving customers’ issues. Through continuous staff trainings and a customer-centric approach, we focus to build trust, promote financial literacy and empower individuals and businesses to achieve their financial goals.

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