Public sector lender Indian Bank on Thursday (October 26) reported a 62.3% year-on-year (YoY) jump in net profit at ₹1,987.8 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Indian Bank posted a net profit of ₹1,225.2 crore, the lender said in a regulatory filing.

Net interest income (NII) of the lender grew 22.5 percent year-on-year to ₹5,740.3 crore against ₹4,684 crore in the same period previous fiscal.

The gross non-performing asset (GNPA) stood at 4.97% in the September quarter against 5.47% in the June quarter. Net NPA came at 0.60% against 0.70% quarter-on-quarter.

In monetary terms, gross NPA stood at ₹24,487.5 crore against ₹26,226.9 crore quarter-on-quarter, whereas net NPA came at ₹2,825.8 crore against ₹3,197.5 crore quarter-on-quarter.

Also Read: NLC India Q2 Results | Net profit at ₹1,084 crore, revenue dips 15% to ₹2,988 crore

The fee-based income grew by 11% year-on-year to ₹1,805 crore in September 2023 from ₹723 crore in September 2022. The NIM (Domestic) increased to 3.52% in September 2023 from 3.20% in September 2022.

The Return on Assets (ROA) improved to 1.06% in September 2023 from 0.71% in September 2022. Return on Equity (RoE) improved by 607 bps to 19.90% in September 2023 from 13.83% in September 2022.

The cost-to-income Ratio stood at 44.36% in September 2023 as against 44.27% in September 2022. The bank's deposits increased by 9% year-on-year and reached Rs 6,40,803 crore in September 2023. The Capital Adequacy Ratio stood at 15.53%, CET-I at 12.07% & Tier-I Capital at 12.63%.

Also Read: Vodafone Idea Q2 Results | Net loss widens to ₹8,738 crore, ARPU at ₹142

The results came after the close of the market hours. Shares of Indian Bank ended at ₹400.45, down by ₹8.45, or 2.07 percent on the BSE.