Indian Bank posts 55% rise in Q4 net

Indian Bank has shown strong growth in its earnings and profit, with a net profit increase of over 50% for the March 2024 quarter and the full fiscal year FY24.

S L Jain, the Managing Director & CEO of the bank, credited the substantial increase in net profit to the growth in operating profit, increase in interest and non-interest income, and reduced provisions.

The Board of the Bank has recommended a dividend of Rs. 12 per equity share (120 per cent) for 2023-24.

The Chennai-headquartered bank has posted a net profit of Rs. 2,247 crore for the quarter ended March 31, 2024, compared with Rs. 1,447 crore in the year-ago quarter, an increase of 55 per cent. Operating profit of India Bank stood at Rs. 4,305 crore in Q4FY24 as against Rs. 4,016 crore in Q4 of FY23.