Shares of Indian Bank surged 3.4 percent to hit an all-time high of Rs 582 per share on May 30 after credit ratings agency S&P Global Ratings reaffirmed their ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit ratings and revised outlook to ‘positive’ from ‘stable.’
So far this year, the stock of this PSU bank rallied over 38 percent, outperforming 3.7 percent rise in the benchmark Nifty 50 index.
In the January-March quarter (Q4FY24), Indian Bank‘s net profit rose 55 percent year-on-year (YoY) to Rs 2,247 crore, while net interest income grew 9.2 percent YoY to Rs 6,015 crore.
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The lender’s asset-quality also improved in the March-ended quarter. Its net non-performing asset (NPA) slipped to 0.4 percent in Q4FY24 from 0.5 percent a quarter back. Meanwhile, gross NPA slipped to 3.9 percent in Q4FY24 from 4.4 percent in Q4FY23.
According to Indian Bank’s shareholding pattern data, foreign investors trimmed their stake to 5.29 percent in March quarter from 5.89 percent in the December quarter. Mutual funds, however, upped their stake to 11.71 percent in the March quarter from 10.53 percent in the December quarter.
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Institutional investors, too, raised their stake in Indian Bank to 22.24 percent in March quarter from 21.73 percent.
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