Indian Bank reported 220% jump in standalone net profit to Rs 1,182 crore on 0.47% rise in total income to Rs 11,500.20 crore in Q1 FY22 over Q1 FY21.
While the bank's total income has increased by 8%, net profit has, however, declined by 31% in Q1 FY22 over Q4 FY21.
Profit before tax in Q1 FY22 stood at Rs 857.27 crore, up 39.6% from Rs 614.22 crore in Q1 FY21. The bank wrote back tax provisions worth Rs 324.38 crore during the quarter.
Net Interest Income (NII) rose by 3% to Rs 3,994 crore while domestic Net Interest Margin (NIM) has improved by 2 bps to 2.85% in Q1 FY22 over Q1 FY21.
The bank's operating profit has risen by 26% to Rs 3,472 crore in Q1 FY22 from Rs 2,753 crore in Q1 FY21. On a QoQ sequential basis it increased by 36%.
Provisions (other than tax) and Contingencies in the first quarter amounted to Rs 2,614.50 crore (up 22.2% YoY), of which provisions for Non-Performing Assets (NPAs) aggregated to Rs 1,746.60 crore (down 4.6% YoY).
Slippages for the quarter aggregated to Rs 4,204 crore. The bank had recorded slippages of Rs 523 crore in Q1 FY21 and Rs 8,292 crore in Q4 FY21.
Gross NPA amounted to Rs 37,759 crore in Q1 FY22 as against Rs 39,965 crore in Q1 FY21 and Rs 38,455 crore in Q4 FY21.
Gross NPA ratio was at 9.69% as on 30 June 2021 as against 10.90% as on 30 June 2020 and 9.85% 31 March 2021.
Net NPA ratio was at 3.47% as on 30 June 2021 as against 3.76% as on 30 June 2020 and 3.37% as on 31 March 2021.
Gross Advances (Global) have increased by 6% to Rs 3,89,625 crore while deposits (Global) have jumped by 10% to Rs 5,40,082 crore in Q1 FY22 over Q1 FY21.
Tier -1 capital ratio was at 12.22% as on 30 June 2021 as against 10.47% as on 30 June 2020 and 11.94% as on 31 March 2021.
Capital Adequacy Ratio (CAR) was at 15.92% as on 30 June 2021 as against 13.45% as on 30 June 2020 and 15.71% as on 31 March 2021.
Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 30 June 2021.
The scrip rose 0.87% to currently trade at Rs 139.35 on the BSE.
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