Indian Bank Q1FY24 result: Net profit at Rs 1,708 cr YoY; income up 25.5%

On a quarter-on-quarter basis, the total income was up 3.65%. It was Rs 14238.29 crore in Q4FY23

The standalone net profit of Indian Bank for the first quarter of the current financial year (Q1YFY24) stood at Rs 1,708.83 crore, compared to Rs 1,213.44 crore for the corresponding quarter of the previous year, up 40.8 per cent, the company said in a BSE filing.

Sequentially, the net profit was up 18 per cent. In Q4FY23, the net profit of the company was Rs 1,447.28 crore.

The total income for Q1FY24 came in at Rs 14,758.99 crore, compared to Rs 11,758.29 crore year-on-year (YoY). This is a rise of 25.5 per cent.

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On a quarter-on-quarter (QoQ) basis, the total income was up 3.65 per cent. It was Rs 14,238.29 crore in Q4FY23.

The gross non-performing assets (GNPA) for Q1FY24 came in at Rs 26,226.92 crore, as compared to Rs 34,573.34 crore YoY. This is a fall of 24.1 per cent.

On a QoQ basis, the GNPA was down 6.9 per cent. It was Rs 28,179.53 crore in Q4FY23.

The net NPA for Q1FY24 came in at Rs 3,197.55 crore, as compared to Rs 8,470.72 crore YoY. This is a fall of 62.2 per cent.

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On a QoQ basis, the net NPA was down 20 per cent. It was Rs 4,043.07 crore in Q4FY23.