The Business Bytes
TBB BUREAU
BHUBANESWAR, JULY 30, 2022
Public sector Indian Bank recorded a net profit of Rs 1,213.44 crore in the first quarter (Q1) of the current financial year (FY23) as compared to Rs 1,181.66 crore earned during the corresponding period of the previous year.
During Q1FY23, the bank’s advances grew by nine per cent to Rs 425,203 crore over Rs 389,626 crore a year ago, primarily driven by the growth in the retail, agriculture, and MSME segments.
Indian Bank’s total deposits grew by eight per cent to Rs 584,251 crore as compared to Rs 540,082 crore during the year-ago period.
As on June 30, 2022 the gross non-performing assets (GNPA) stood at Rs 34,573.34 crore and the net NPA at Rs 8,470.72 crore making significant improvement.
Indian Bank has envisioned tiered approach to achieve consistent business growth, starting with building of capabilities, streamlining operations to deliver exceptional customer experience and driving business value for stakeholders. Bank’s approach has shifted from conventional to digital banking to save time & resources and enrich customer satisfaction.
As the economy opens up after the pandemic, the demand for credit has risen and there is an indication of green shoots of the domestic economy. The Bank is well equipped to meet the market expectations and the thrust is on corporates as well as the retail customers. We are also keeping a watch on the economy due to volatile global conditions and calibrating our actions in response to the rising inflation and measures being taken by the RBI as well as the Government, said Shanti Lal Jain, Managing Director & CEO of Indian Bank.
