Net profit for the period increased by 7.3% from last year to ₹3,061 crore from ₹2,852 crore. Profitability was also aided by a higher other income component, which increased by 20% from the year-ago period to ₹2,570 crore.
Net Interest Income, or core income earned by the lender also grew by 7.5% to ₹6,895 crore from ₹6,414 crore last year.
Asset quality for the lender remained stable on a sequential basis. Gross Non Performing Assets (NPAs) stood at 2.23%, better than the 2.6% figure in September, while Net NPAs remained largely unchanged at 0.15% from 0.16% in September.
In absolute terms, Gross NPA declined to ₹14,268 crore from ₹16,134 crore, while Net NPA stood at ₹967 crore from ₹983 crore in the September quarter.
Deposits for the quarter grew by 12.6% year-on-year to ₹7.91 lakh crore, while advances at the end of the December quarter stood at ₹6.39 lakh crore, a growth of 14.2% from the year-ago period.
Net Interest Margins (NIMs) at the end of the quarter stood at 3.28% from 3.45% last year.
Fresh slippages for the quarter improved to ₹997 crore from ₹1,132 crore in the September quarter.
Shares of Indian Bank are trading 2.5% higher after the results announcement at ₹871.15. The stock has risen 11% in the last one month and is back towards its 52-week high of ₹894.
