Indian Bank gross advances jumps 12% in Q4

Indian Bank announced that its gross advances increased 12.7% to Rs 5.34 lakh crore as of 31 March 2024 as against Rs 4.74 crore as of 31 March 2023.

The bank's gross advances rose 4.70% last quarter over Rs 5.10 lakh crore as of 31 December 2023.

The bank's total deposits stood at Rs 6.89 lakh crore as of 31 March 2024, recording a growth 11% year on year (YoY) and 5.35% quarter on quarter (QoQ).

CASA stood at Rs 2.82 lakh crore as of 31 March 2024, up 8.04% YoY and rose 8.46% QoQ.

The bank's total business as on 31 March 2023 was at Rs 12.23 lakh crore, registering a growth of 11.68% year on year (YoY) and 5.06% quarter on quarter (QoQ).

Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 30 September 2023.

Indian Bank reported 51.84% jump in standalone net profit to Rs 2,119.35 crore in Q3 FY24 as against Rs 1,395.76 crore reported in Q3 FY23. Total income jumped 18.80% year on year to Rs 16,099.26 crore during the quarter.

The scrip advanced 1.50% to settle at Rs 534.60 on Friday, 05 April 2024.

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