Indian Bank Q4FY23 net profit grows by 47% to Rs 1,447cr

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Indian Bank has registered a net profit of INR 1,447 crores for the quarter ended 31 March 2023 (Q4FY23), which is an increase of 47% compared to a net profit of INR 984 crores in the same quarter of FY23.

The Indian public sector bank stated that its Q4FY23 net interest income (NII) moved up b 29% to INR 5,508 crores, compared to INR 4,255 crores in Q4FY22.

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Indian Bank’s operating profit for the reported quarter increased by 47% to INR 4,016 crores, compared to INR 2,738 crores in the March quarter of 2022.

Its deposits were up by 5% year-over-year (YoY) to reach INR 62,11,66 crores in March 2023.

Indian Bank Q4FY23 net profit grows by 47% to Rs 1,447cr

Indian Bank Q4FY23 net profit grows by 47% to Rs 1,447cr. Photo courtesy of Pselvaganapathy/Wikimedia Commons.

For the year ended 31 March 2023, Indian Bank accumulated a net profit of INR 5,282 crores, which is an increase of 34% compared to INR 3,945 crores in FY22.

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Its net interest income for the reported fiscal year was up by 21% to INR 20,225 crores, compared to INR 16,728 crores in FY22.

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