Indian Bank net profit grows 48 pc in fourth quarter

Chennai (Tamil Nadu) [India], May 8 (ANI): Indian Bank on Monday posted a 48.36 per cent growth in its net profit for the quarter ended March 31, 2023, against Rs 1,024.31 crore in the year-ago period.

The lender said its operating expenses surged 12.97 per cent to Rs 3,639.93 crore in the reviewed quarter, against Rs 3,221.85 crore in the corresponding period the previous year, according to a statement shared with exchanges on Monday. Interest expended went up 20.77 per cent from Rs 5,577.68 crore to Rs 6,736.46 crore in the reviewed quarter.

Total income grew 24.74 per cent to Rs 14,415.98 crore in the reviewed quarter, against Rs 11,556.02 crore in the year-ago period. The lender also said its total liabilities were Rs 713,334 crore in the reviewed quarter, against Rs 674,096.43 crore in the year-ago period.

Indian Bank is an Indian public sector bank, established in 1907 and headquartered in Chennai. According to the lender, it serves over 100 million customers with 39,734 employees, 5,721 branches with 5,428 ATMs and cash deposit machines.

It has overseas branches in Colombo and Singapore including Foreign Currency Banking Units at Colombo and Jaffna. It has 227 overseas correspondent banks in 75 countries. Since 1969, the government of India has owned the bank.

The total business of the bank touched Rs 1,010,000 crore as on March 31, 2022, according to the bank.