State-owned Indian Bank on Monday reported 47 per cent rise in standalone net profit to ₹1,447.3 crore for the quarter ended March 2023. This is against a net profit of ₹984 crore in the corresponding quarter last fiscal.
The net interest income (NII), the difference between interest earned and interest expended, grew by 29.4 per cent to ₹5,508.3 crore for the quarter under review. It was ₹4,255.2 crore in the year ago period.
Indian Bank’s board has recommended a dividend of ₹8.60 per equity share i.e 86% of paid up equity capital of the Bank for the Financial Year 2022-23;
Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.95 per cent, in the March quarter down from 6.53 per cent in the December quarter (QoQ).
Net non-performing assets (NNPA) ratio has also declined to 0.09 per cent as of March 2023 from 1 per cent as of December 2022.
The company’s share was trading 3.51 per cent down at ₹320.15 on BSE.
