Public sector lender Indian Bank has reported a 55 per cent rise in net profit to Rs 2,247 crore in the March quarter of 2023-24. The bank had made a net profit of Rs 1,447 crore in the March quarter of the last financial year. Total income increased to Rs 16,887 crore in the March quarter of FY24 from Rs 14,238 crore in the fourth quarter of FY23. According to PTI news, net interest income (NII) increased 9 per cent to Rs 6,015 crore in March quarter FY24 from Rs 5,508 crore in March quarter FY23.
Net profit for the entire financial year 2023-24
According to the news, for the full 2023-24 financial year, net profit increased by 53 per cent year-on-year 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. Indian Bank shares were trading at Rs 535.75. It is down 1.44 per cent from its previous close on Bombay Stock Exchange (BSE).
Also announced a dividend of Rs 12
Indian Bank has informed that the board has approved a dividend of Rs 12 for the financial year ending March 31, 2024. If approval is received from the shareholders in the extraordinary general meeting to be held on June 15, 2024, the dividend amount will be credited to the demat accounts of the investors. In the last quarter of the financial year 2023-24, the gross NPA of the bank decreased to 3.95 percent. It was 5.95 percent in the same period a year ago. Similarly, the net NPA of the bank also came down to 0.43 percent, whereas it was 0.90 percent in the same period last year.
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