'Indian Bank conducted a conference call on 29 January 2025 to discuss its financial results for the quarter ended December 2024. Binod Kumar, MD&CEO of the bank addressed the call:
Highlights:
The bank has recorded 8.4% growth in the business volumes to Rs 12.61 lakh crore end December 2024 with 7.4% growth in deposits to Rs 7.02 lakh crore and 9.7% increase in advances to Rs 5.59 lakh crore. The deposits growth has been impacted due to strategy to reduce the bulk deposits.
Account opening has been revamped and the bank has opened 42 lakh accounts in 9MFY25 compared with 56 lakh in FY24. The bank has opened 1.15 lakh current accounts in 9MFY25 compared with 1.80 lakh in FY24.
Retail, agriculture and MSME loan book grew 12.79% yoy and 3.08% qoq with retail loan growth at 16.16%, agriculture 14.04% and MSME 8.43%.
The share of ram has grown from 63.32% end September 2024 to 64.3% end December 2024.
The net profit of the bank has increased 34.6% to Rs 2852...
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