Indian Bank Ltd. reported a 55 percent increase in its fourth-quarter (Q4 FY24) profit on Monday, reaching Rs 2,247 crore as opposed to Rs 1,447 crore during the same time last year.

Net interest income for the state-owned institution climbed by 9% (YoY) to Rs 6,015 crore in Q4 FY24 compared to Rs 5,508 crore in the same period the previous year.

The return on assets increased from 0.82 percent in March 2023 to 1.15 percent in March 2024, a 33 basis point (bps) increase. Return on equity increased from 15.48 percent in March 2023 to 19.06 percent in Q4 FY24, a 358 basis point increase.

In March 2024, gross advances reached Rs 5,33,773 crore, a YoY increase of 13%. Total deposits grew by 11% YoY during the reviewed quarter, totaling Rs 6,88,000 crore. Savings deposits increased by 7%, current deposits by 9%, and CASA deposits by 8% year over year.

Subject to the necessary approvals, the bank's Board of Directors recommended a dividend of Rs 12 per equity share for FY24.

Indian Bank's stock ended the day 1.93 percent down at Rs 533.05.