Bank’s Profile
A BRIEF HISTORY OF THE BANK SINCE ITS INCORPORATION
1907 | · Bank was incorporated on March 5, 1907 with an Authorized Capital of Rs 20 lakhs and commenced its business on August 15, 1907.
· In the year 1907, the Indian Bank Ltd. had the tree ‘Banyan’ as a part of its emblem denoting an all-around progress, growth (far and wide) and an ever-increasing prosperity. |
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1921 | · Bank’s capital was raised to Rs 60 lakhs from Rs 20 lakhs. | |
1932 | · Bank celebrated its Silver Jubilee.
· Bank opened its first overseas operations in Colombo. |
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1941 | · Singapore branch was opened. | |
1957 | · Bank celebrated its Golden Jubilee. | |
1967 | · Bank celebrated its Diamond Jubilee. | |
1978 | · Bank’s logo comprising of three circling arrows arranged around a central point was approved. | |
1982 | · Bank celebrated its Platinum Jubilee. | |
1990 | · Bank of Thanjavur Ltd. (BoT) with 157 branches was amalgamated with the Bank. | |
2006 | · The centenary year celebration was inaugurated by His Excellency the President of India Shri. A P J Abdul Kalam on 4th September. | |
2007 | · Bank went in for Initial Public Offer in February 2007. | |
2008 | · Achieved 100 per cent Core Banking Solutions (CBS) compliant. | |
2019 |
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2020 | · Bank commenced its operation as an amalgamated entity from 1st April 2020. The integration of CBS systems of both the Banks was completed on 14.02.2021. | |
2022 | · Bank’s Global Business surpassed Rs 10 lakh Crores. | |
2023 | · Bank’s Global Business was at Rs 10.95 lakh Crores. | |
2024 (Q3 FY24) | · Global Business reached Rs 11.64 lakh Crores. |
Branch Network and other touch points as on 31.12.2023
Domestic branches: 5835 (Including 3 DBUs) Overseas branches: 3 & IBU: 1
ATMs & BNAs: 4899 Business Correspondents: 10942
Bank’s Performance as on 31.12.2023
Assets and Liabilities
- Total Deposits increased by 10% YoY and reached to ₹654154 Cr in Dec’23. CASA deposit grew by 8%, savings deposit grew by 7% and Current deposit by 12% YoY.
- Domestic CASA ratio stood at 41.14%
- Gross Advances increased by 13% YoY to ₹509800 Cr in Dec’23 from ₹451658 Cr in Dec’22
- RAM (Retail, Agriculture & MSME) advances grew by 13% YoY to ₹296845 Cr in Dec’23 from ₹262811 Cr in Dec’22
- RAM contribution to gross domestic advances is 62.58%. Retail, Agri & MSME advances grew by 14%, 16% and 7% YoY respectively. Home Loan (Including mortgage) grew by 12% YoY, Auto Loan by 46% YoY and Personal Loan by 30% YoY
- Priority Sector portfolio stood at ₹171480 Cr in Dec’23. Priority sector advances as a percentage of ANBC stood at 43.71% as against the regulatory requirement of 40%.
Capital Adequacy
- Capital Adequacy Ratio stood at 15.58%. CET-I improved by 39 bps YoY to 12.36%
Tier I Capital improved by 30 bps YoY to 12.88%.
Asset Quality
- GNPA decreased by 206 bps YoY to 4.47% in Dec’23 from 6.53%, NNPA reduced by 47 bps to 0.53% from 1.0% in Dec’22
- Provision Coverage Ratio (PCR, including TWO) improved by 231 bps YoY to 95.90%
Operating Profit and Net Profit
- Net Profit up by 52% YoY at ₹2119 Cr in Dec’23 from ₹1396 Cr in Dec’22
- Profit Before Tax up by 78% YoY at ₹2747 Cr in Dec’23 from ₹1546 Cr in Dec’22
- Operating Profit improved to ₹4097 Cr in Dec’23 from ₹4061 Cr in Dec’22
- Net Interest Income increased by 6% YoY to ₹5815 Cr in Dec’23 from ₹5499 Cr in Dec’22
Digital
- Business through Digital Channels crossed ₹52,000 Cr. So far 78 Digital Journeys have been launched. More Journeys will be launched in the months to come.
- Mobile Banking users increased by 47% YoY and reached to 1.59 Cr.
- UPI users and Net Banking Users both, increased by 38% YoY each, and reached to 1.64 Cr and 1.03 Cr respectively.
- Number of UPI QR merchants on-boarded surged by 311% YoY and reached to 36 lakh, and number of PoS increased by 47% YoY to 21725.
- ‘Online Tax Portal for Village Panchayats’- launched for collection of taxes in all Village Panchayats in Tamil Nadu.
Financial Inclusion
- Bank has opened 219 lakh PMJDY Accounts on standalone basis with balance outstanding at ₹10245 Cr as on 31.12.2023. YoY Growth of 10% registered in PMJDY accounts as on 31.12.2023
- Bank’s BC network has coverage in 23 states and 5 Union Territories
( Last modified on Jan 30, 2024 at 12:01:06 PM )