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Motilal Oswal Report
Indian Bank reported a profit after tax of Rs 19.9 billion (up 62% YoY/16% QoQ; in line). Net interest income grew 23% YoY (in line). Margins declined 9 basis points QoQ to 3.52%.
Loan growth was steady at 14% YoY/3% QoQ, while deposits grew 8.8% YoY/ 3.1% QoQ.
Indian Bank continues to focus on profitable growth.
Fresh slippages were under control at Rs 19.8 billion/1.9%. Healthy recoveries/ upgrades and higher write-offs resulted in a 50 bp/10 bp QoQ decline in gross/net non-performing asset ratios to 5.5%/0.6%.
Special mention account book stood at 0.6% of loans.
We raise our FY24E/FY25E earnings per share by 1.2%/0.6% and expect FY25 return on asset/return on equity at 1.2%/18.0%. We reiterate our 'Buy' rating on the stock.
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