Page 4 - Indian Bank

Indian Bank eyes recovery of Rs 7,000 cr this financial year: MD & CEO

Public sector Indian Bank has targeted to recover about Rs 7,000 crore during the current financial year, a top official said on Tuesday. The bank has also received the approval from the Reserve Bank of India and shareholders to raise Rs 5,000 crore which would be decided at an opportune time, the bank's Managing Director and CEO Shanti Lal Jain said here. The city-headquartered Indian Bank has reported a 41 per cent jump in its net profit to Rs 2,403 crore for the April-June 2024 quarter due to a decline in bad loans. It had earned a net profit of Rs 1,709 crore in the corresponding quarter of last year. "Last time, we recovered about Rs 8,700-Rs 8,800 crore. But what happens is slowly, this number may come down and this time we have planned that we will be making a recovery of around Rs 7,000 crore," Jain told reporters. Elaborating, he said recovery of Rs 7,000 crore for a financial year comes to Rs 1,750 per quarter and the bank in April-June 2024 quarter recovered Rs 1,937 cro

Banks face 7-year debt recovery backlog; Government plans capacity boost

More than 200,000 cases are pending in Debt Recovery Tribunals (DRTs), which currently manage only 30,000 to 40,000 cases each year

Indian Bank Q1 FY25 results: Net profit rises 41% to Rs 2,403 crore

Its operating profit improved by 9 per cent year-on-year (Y-o-Y) to Rs 4,502 crore in June 2024 from Rs 4,135 crore in June 2023

Indian Bank Q1 FY25 results: Net profit rises 41% to Rs 2,403 crore

State-owned Indian Bank on Monday posted a 41 per cent jump in its net profit to Rs 2,403 crore for the June 2024 quarter due to a decline in bad loans. The Chennai-based lender had earned a net profit of Rs 1,709 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 16,945 crore against Rs 14,759 crore a year ago, Indian Bank said in a regulatory filing. Its interest income grew to Rs 15,039 crore during the period under review from Rs 13,049 crore in the corresponding quarter a year ago. On the asset quality side, the bank's gross non-performing assets (NPAs) improved to 3.77 per cent of gross advances as of June 30, 2024, from 5.47 per cent in the April-June quarter of the previous fiscal. The net NPAs also declined to 0.39 per cent of the advances from 0.70 per cent a year ago. As a result, provisions for bad loans declined to Rs 896 crore against Rs 930 crore earmarked during the same quarter a year ago. The capital adequacy ratio of the

LS Polls: Correction in mid, smallcap stocks may not be over, warn analysts

Going ahead, analysts see more pain in the offing for broader markets as stocks command extremely rich valuations, limiting upside in the near-term

This PSU bank stock has hit record high in weak market; zoomed 121% in 1 yr

Indian Bank share price hit a record high of Rs 596.70, up 3.5% on the BSE after the S&P Global Ratings revised its rating outlook to Positive from Stable

PSBs on a roll after RBI doles out Rs 2 trn dividend to govt; index up 2%

At 10:30 am; Nifty PSU Bank index, the top gainer among sectoral indices, was up 2.5%, as compared to 0.42% rise in the Nifty 50, while Nifty Bank and Nifty Private Bank index are up 1%

Shares of Union Bank, Indian Bank, and BoI jump up to 5%: here's why

On an index level, Nifty PSU Bank was the top sectoral performer of the day on NSE jumping 2 per cent at 7,207 levels in intraday trade

Nifty PSU Bank index snaps two day losing run; rises 2.5% on May 08

The banking sector stocks fell as the Reserve Bank of India (RBI) proposed to tighten the project financing norms, which require lenders to set aside higher capital for doling out loans to under-const

Indian Bank aims to make over Rs 1 trillion digital transactions: MD & CEO

Public sector Indian Bank has set a target to cross Rs 1 lakh crore business transactions through digital channels, a top official said on Tuesday. The city-headquartered bank had made Rs 81,000 crore transactions through digital medium last financial year, Managing Director and CEO Shanti Lal Jain said here. "As far as digital transactions are concerned, it grew by 4 per cent to 89 per cent overall in FY23-24. Last financial year (FY23) the digital transactions made was 85 per cent." he told reporters. Indian Bank on Monday reported a 55 per cent jump in its net profit to Rs 2,247 crore for the January-March 2024 quarter as compared to a net profit of Rs 1,447 crore made last year. Responding to a query, Jain said, "we will try to cross Rs 1 lakh crore. We have reached Rs 81,000 crore and we will try to cross at least Rs 1 lakh crore (of business through digital transactions). Our internal targets are very high." On whether the customers visiting branches would reduce with increa

Indian Bank Q4FY24 results: Net profit rises 55% to Rs 2,247 crore

As on March 31, 2024, the company's gross non-performing assets (NPA) were 3.95 per cent of gross advances, compared to 5.95 per cent during the same period in 2023

Indian Bank Q4 results: Net profit jumps 55% to Rs 2,247 crore, NII up 9%

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.

Bank shares dazzle; ICICI m-cap hits Rs 8 trn; SBI, Indian Bk soar up to 5%

Bank Nifty hit a new all-time high on Monday led by a rally in ICICI Bank post inline Q4 results. Analysts upbeat on future prospects of the private sector bank.

FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Wednesday recommended Rana Ashutosh Kumar Singh for the post of Managing Director of State Bank of India (SBI). Singh is currently serving as deputy managing director at SBI. SBI, the country's largest lender, has four managing directors and one chairman. Declaring the result of the selection process, the Financial Services Institutions Bureau (FSIB) in a statement said the Bureau interviewed 16 candidates on April 23 and 24. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Rana Ashutosh Kumar Singh for the position of MD in SBI," it said. The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap Sharma. Other members of the headhunter are

PSU Banks soar: PNB, Indian Bank, Central Bank, PSB, BOI zoom up to 4%

The Nifty PSU Bank index rose sharply at 2.66 per cent against 1.01 per cent rise in the Nifty50 benchmark index. A total of 1,86,178 shares worth 12.61 crores changed hands intraday

Indian Bank appoints Brajesh Kumar Singh as executive director for 3 years

Public sector Indian Bank on Sunday said the Central government has appointed Brajesh Kumar Singh as its Executive Director for a period of three years. Prior taking up the new responsibility, Singh was serving Bank of Baroda as its Chief General Manager - Human Resources. "...the Central Government vide Notification No 4/1(viii) dated March 9, 2024 appointed Brajesh Kumar Singh, Chief General Manager, Bank of Baroda as Executive Director of Indian Bank for a period of three years, with effect the date of assumption of office on or after March 10, or until further orders, whichever is earlier," Indian Bank said in a BSE filing on Sunday. Singh, an agriculture graduate from Allahabad Agriculture Institute, has banking experience of over 28 years and has held various responsibilities in Bank of Baroda including Credit Officer, Branch Head, Regional Head. He has steered Retail Assets and Human Resource management with his rich expertise at the Corporate Office. Singh has also served

Indian Bank wholly-owned subsidiary to begin operations in FY25, says MD

Public sector Indian Bank is engaged in floating a wholly-owned subsidiary with a capital infusion of Rs 10 crore and it is expected to commence operations in the next financial year, a top official said here on Thursday. The subsidiary would largely focus on back-office processing, collection, sales and marketing, Indian Bank Managing Director and CEO Shanti Lal Jain said. "Around a week back, we got the financial approval. It will be a wholly-owned subsidiary. We will be putting Rs 10 crore as capital and we are in the process of recruiting people at the top level like CEO, CTO...," he told reporters. The plan to launch a subsidiary is to focus on sales and marketing, collection and recovery process, he said. "There are many works that we are doing. Call centre work, already we are in the process of recruiting people. Maybe in the next financial year, it will be in operation. This subsidiary will not be as big as Indian Bank, they will do our work, feet on the street for collecti

Indian Bk up 8%, hits new high on solid Q3 nos; Motilal expects more upside

In past six months, the share price of Indian Bank has appreciated by 43 per cent, as against 6.4 per cent rise in the S&P BSE Sensex.

Indian Bank Q3 profit up 52% at Rs 2,119 cr, income rises to Rs 16,099 cr

The public sector Indian Bank on Wednesday reported a 52 per cent jump in net profit at Rs 2,119 crore in the December quarter, on the back of improvements in core income and a reduction in bad loans. The Chennai-based lender had earned a net profit of Rs 1,396 crore in the same quarter a year ago. The operating profit of the bank was almost flat at Rs 4,097 crore as against Rs 4,061 crore in December 2022. Total income increased to Rs 16,099 crore during the quarter under review as compared to Rs 13,551 crore in the same period last year, Indian Bank said in a regulatory filing. Interest income also rose to Rs 14,198 crore over Rs 11,834 crore for the quarter ended December 2022. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 4.47 per cent of the gross loans by the end of December 2023 from 6.53 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.53 per cent as compared to 1 per cent in 2022. As a result, provisions for ba

Mutual funds lapped up bank shares in December on valuation comfort

Amid high valuations across most of the market segments, most fund managers are seeing opportunity in the banking sector, especially large private banks