Indian Bank has announced its financial performance for the quarter ending September 2024, highlighting significant growth in its business. The bank reported a 9.8% year-on-year (YoY) increase in total business, reaching ₹12.44 Lakh Crore as per provisional figures. The details of this growth reflect a strong upward trend in both deposits and advances, contributing to the bank’s overall financial stability and expansion.
Key Financial Highlights
- Total Business Growth: Indian Bank’s total business, which encompasses both deposits and advances, stood at ₹12.44 Lakh Crore as of September 2024. This marks a 9.8% increase compared to the same period last year when the total business was ₹11.33 Lakh Crore. The figures indicate consistent growth momentum in the bank’s operations.
- Deposits Surge by 8.1%: Total deposits reached ₹6.93 Lakh Crore, recording an 8.1% growth compared to ₹6.41 Lakh Crore in the corresponding quarter of the previous year. This increase highlights the bank’s ability to attract and retain customers, expanding its base through various deposit schemes and competitive interest rates.
- Gross Advances Rise by 12.0%: Indian Bank’s gross advances climbed to ₹5.51 Lakh Crore, representing a 12.0% YoY increase. Gross advances stood at ₹4.92 Lakh Crore in September 2023, and this rise underscores the bank’s active lending activities across various sectors, supporting both retail and corporate borrowers.
Provisional Figures Under Review
It is important to note that these figures are provisional and subject to review by the Statutory Central Auditors of the bank. The review process will provide a final confirmation of the bank’s financial performance for the quarter. However, the current data already paints a positive picture of Indian Bank’s growth and financial health.
Summary of Financial Performance (in ₹ Lakh Crore)
| Particulars | 30.09.2023 | 30.06.2024 | 30.09.2024 (Provisional) | YoY Growth (%) |
|---|---|---|---|---|
| Total Business | 11.33 | 12.20 | 12.44 | 9.8% |
| Total Deposits | 6.41 | 6.81 | 6.93 | 8.1% |
| Gross Advances | 4.92 | 5.39 | 5.51 | 12.0% |
Outlook and Implications
Indian Bank’s steady growth in deposits and advances indicates strong customer trust and a robust lending strategy. The YoY growth in total business reflects the bank’s effective management and commitment to expanding its financial services. With deposits and advances showing healthy growth rates, the bank is well-positioned to sustain its momentum in the upcoming quarters.
The growth figures also demonstrate Indian Bank’s resilience and adaptability to market conditions, continuing to expand its business footprint amidst evolving economic scenarios. The bank’s focus on enhancing its lending capacity and deposit mobilization will likely contribute to sustained growth in the near future.
