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Business EconomyPosted at: May 14 2019 5:59PM


Indian Bank posts strong growth in 2018-19 fiscal

Chennai, May 14 (UNI) Indian Bank on Tuesday announced that it
has posted a strong growth in FY 2018-19 with Global Business
witnessing a 16 per cent jump over last year to Rs 4.29 lakh crore.
Deposits grew by 16 per cent to Rs 2.42 lakh crores and advances
rose by 15 per cent to Rs 1.87 lakh crores.
The Advances portfolio was driven by 18 per cent increase in RAM
(Retail-Agri-MSME) lending and 12 per cent increase in Corporate
lending.
''Further, the overall loan book continued to be well-diversified with
a 58 per cent skew towards the RAM Sector'', Indian Bank MD and
CEO Ms Padmaja Chunduru told reporters, while announcing the
audited financial results.
She said the bank remained diligent in pursuing operational efficiency
and clocked a 12 per cent Y-o-Y increase in Net Interest Income, with
Domestic NIM at three per cent.
Bank’s CRAR at 13.21 per cent was higher by 66 bps Y-o-Y.
Its well-capitalized base has been further augmented by the recently
launched ESPS (Employee Stock Purchase Scheme) which has been
successfully completed with widespread employee participation.
The healthy growth in the Loan Book was supplemented by improved
Asset Quality which was underlined by the Gross NPA at 7.11 per
cent and Net NPA at 3.75 per cent, down by 26 bps and 6 bps YoY
respectively.
The improvement in Asset Quality was more pronounced in Q4 with
reduction in Gross NPA by 35 bps and Net NPA by 68 bps.
Fresh slippages were also contained and came down significantly
in the quarter (Rs 1,005 crores in Q4 as against Rs 1,674 crore
in Q3).
In its core geographies of five southern states and the Union
Territory of Puducherry, the bank continued to lead from the
front.
It also holds the distinction of being the Exclusive Banker in
these States and UT for government schemes.
UNI GV 1758
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Tags: #Indian Bank posts strong growth in 2018-19 fiscal
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