Indian Bank moves higher on reporting 41% rise in Q1 consolidated net profit

Indian Bank is currently trading at Rs. 338.40, up by 10.05 points or 3.06% from its previous closing of Rs. 328.35 on the BSE.

The scrip opened at Rs. 334.95 and has touched a high and low of Rs. 341.90 and Rs. 330.25 respectively. So far 92662 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 341.90 on 28-Jul-2023 and a 52 week low of Rs. 171.40 on 04-Aug-2022.

Last one week high and low of the scrip stood at Rs. 341.90 and Rs. 325.30 respectively. The current market cap of the company is Rs. 42345.00 crore.

The promoters holding in the company stood at 79.86%, while Institutions and Non-Institutions held 15.57% and 4.58% respectively.

Indian Bank has reported 40.83% rise in its net profit at Rs 1,708.83 crore for first quarter ended June 30, 2023 as compared to Rs 1,213.44 crore for the same quarter in the previous year. Total income of the bank increased by 25.52% at Rs 14,758.99 crore for Q1FY24 as compared Rs 11,758.29 crore for the corresponding quarter previous year.

On consolidated basis, the bank has reported 41.08% rise in net profit at Rs 1,849.68 crore for the quarter ended June 30, 2023 as compared to Rs 1,311.08 crore for the same quarter in the previous year. Total income of the bank increased by 25.42% at Rs 14,921.43 crore for Q1FY24 as compared Rs 11,897.53 crore for the corresponding quarter previous year.