Indian Bank Shares Jump After Q3 Net Profit Rises 35%
Indian Bank's shares rose over 7% on Wednesday after the public sector lender reported a 35% year-on-year growth in net profit in the quarter ended December 2024.
The bank's standalone bottom line during the quarter rose to Rs 2,852 crore, compared to Rs 2,119 crore in the year-ago period.
The net interest income—the difference of interest earned and interest paid—increased by 10% to Rs 6,415 crore. This compares to Rs 5,814 crore reported in the corresponding quarter of the previous fiscal.
The public sector lender's asset quality also improved during the quarter under review, with the gross non-performing assets ratio declining to 3.26% from 3.48% in the previous quarter. The net NPA ratio improved to 0.21% from 0.27% in the September quarter.
Indian Bank Share Price
Indian Bank stock rose as much as 7.21% during the day to Rs 551.2 apiece on the NSE. However, it pared some of the gains to trade 5.86% higher at Rs 544.3 apiece, compared to 0.83% advance in the benchmark Nifty 50 as of 1:44 p.m.
The stock has risen 12.75% in the last 12 months. The total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 56.7.
Nine out of the 11 analysts tracking the bank have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 648, implying an upside of 21.1%.
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