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Indian Bank net soars 102% to Rs 1,396 crore in Q3

The bank reported a 25 per cent growth in net interest income at Rs 5,499 crore in the quarter and the fee-based income grew 6 per cent to Rs 704 crore led by a 99 per cent spike in forex income at Rs 294 crore.

January 25, 2023 / 09:41 PM IST
The bank's cost-to-income ratio stood at 43.71, down from 44.75 in December 2021.

The bank's cost-to-income ratio stood at 43.71, down from 44.75 in December 2021.

All-round improvements in key metrics, especially on provisioning front which nearly halved, helped Indian Bank register a 102 per cent jump in net income at Rs 1,396 crore in the quarter ending December 2022.

The management of the Chennai-based public sector bank, led by managing director and chief executive Shantilal Jain, has guided towards better days ahead especially on the asset generation side, hoping to continue the good run rate on advances which have maintained a steady 13 per cent growth rate throughout the fiscal so far.

"We've been able to maintain our good show for the third quarter as well with all sources of income, be it net interest income, asset quality, or fee and forex income or loan sales, growing in the quarter. There is no one-off item in the numbers at all as all verticals performed well," Jain told PTI from Chennai on Wednesday.

The bank reported a 25 per cent growth in net interest income at Rs 5,499 crore in the quarter and the fee-based income grew 6 per cent to Rs 704 crore led by a 99 per cent spike in forex income at Rs 294 crore. This was driven by a healthy 71 basis points jump in net interest margin at 3.74 per cent from 3.03 per cent in December 2021.