The amalgamation of Allahabad Bank into Indian Bank came into effect on April 1, 2020. Accordingly, the combined financials as on March 31, 2020, were arrived at by aggregation of audited numbers of the two banks, Indian Bank said.
Highlights of Results of fourth-quarter FY 21 as reported by the Indian bank are as follows:
- The bank reported a net profit of Rs 1,709 crore for the fourth quarter of FY21. The bank incurred a net loss of Rs 1,641-crore in the same quarter last fiscal year.
- There is a drop of 7% in total income as the total income of the bank reported at Rs 10, 648 crores as compared to Rs 11,485 crore in last fiscal.
- The net interest income of the bank rose by 1% in Q4FY21 to Rs 3,334 crore from Rs 3,310 crore in Q4FY20.
- The net interest margin (NIM) decreased by 33 basis points (bps) and was reported at 2.34% against 2.67% in the last fiscal.
- Non-interest income was at Rs 1,744 crore as against Rs 1,728 crore, on account of higher profit on the sale of the investment, forex income, and PSLC commission.
- The CASA deposits recorded a year-on-year (y-o-y) growth of 14% and the share of CASA to total deposits was 42% in March 2021 as against 41% a year ago.
- Growth in CASA was primarily, driven by a y-o-y increase of 32% in current account deposits and 12% in savings account deposits.
- The asset quality of the bank improved in Q4, the gross NPA was at 9.85% of gross advances as on March 2021, brought down by 154bps y-o-y from 11.39% as on March 2020. The net NPA came down to 3.37% from 4.19% with a reduction of 82 bps y-o-y. Its total capital adequacy ratio (CRAR) was at 15.71% with a growth of 244 bps y-o-y. On a sequential-quarter basis, it increased by 165 bps from 14.06% in Q3FY21.
- The total business recorded growth of 8% y-o-y, reaching the level of Rs 9,28,388 crore in March 2021 as against Rs 8,57,499 crore in March 2020.
- Total deposits grew by 10% y-o-y to Rs 5,38, 071 crore as compared to Rs 4,88, 835 crore. The priority sector portfolio increased to Rs 1,30,274 crore from Rs 1, 27, 542 crore.