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Bank’s Profile

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.

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.

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
· Tamil Nadu Grama Bank’ commenced operations on 1st April 2019 after a successful amalgamation of Pandyan Grama Bank of Indian Overseas Bank with Bank’s Pallavan Grama Bank.

· Government of India announced Amalgamation of Allahabad Bank – a bank with 155 years legacy into Indian Bank.

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 Cr.

 

                                                                                        Branch Network

                                           Domestic branches: 5728                 Overseas branches: 3 & IBU: 1

Bank’s Performance as on 30.09.2022

Assets and Liabilities

  • Domestic CASA deposits grew by 7% YoY while moderated by 1% QoQ and touched ₹239984 Cr in Q2 FY22. Share of CASA (Global) to Total Deposits was 40.94% in Sep’22 as against 40.86% a year ago. Current account deposits grew by 9% and in Savings account deposits by 7% YoY.
  • Advances grew by 14% to ₹437941 Cr in Sep’22 over ₹385730 Cr a year ago, primarily driven by growth in RAM sector (13%) of which growth in Retail, Agriculture and MSME was 14%, 15% and 9% respectively. On QoQ sequential basis advances increased by 3%.
  • Balance sheet size grew by 5% YoY and was ₹673256 Cr as on 30th Sep’22 as against ₹642164 Cr as on 30th Sep’21.
  • Total Business recorded YoY growth of 10% reaching the level of ₹1026801 Cr in Sep’22 as against ₹937202 Cr in Sep’21. On a sequential QoQ basis it increased by 2%.
  • Total deposits grew by 7% YoY and 1% QoQ and stood at ₹588860 Cr as on Sep’22 as against ₹551472 Cr in Sep’21 and ₹584251 Cr in June’22.
  • Priority Sector portfolio increased to ₹158187 Cr in Sep’22 from ₹141906 Cr in same quarter of the previous year. Priority sector advances as a percentage of ANBC stood at 48.25% as against the regulatory requirement of 40%.

     

    Capital Adequacy

    • For Q2 FY23, Bank’s total Capital Adequacy Ratio (CRAR) was at 16.15% with 27 bps YoY increase.
    • Tier-I CRAR was at 12.89% in Sep’22 against 12.34%, up by 55 bps YoY.

     

    Asset Quality

    •  GNPA was at 7.30% of Gross advances as on Sep’22 brought down by 226 bps YoY and 83 bps QoQ.
    • The Net NPA ratio declined to 1.50% as on 30th Sep’22 from 3.26% in Sep’21.

     

    Operating Profit and Net Profit

    • The Bank’s Operating Profit has registered a growth of 11% YoY to ₹3629 Cr for Q2 FY23 as against ₹3276 Cr for Q2 FY22. On a QoQ sequential basis it increased by 2%.
    • The Bank’s Net Profit for the quarter grew by 12% YoY to ₹1225 Cr from ₹1089 Cr in Q2 FY22. On a QoQ sequential basis Net Profit increased by 1%.

     

    Digital Initiatives

    • Dedication of 75 DBUs to the Nation by Shri Narendra Modi, Hon’ble Prime Minister of India on 16th October 2022.
    • IB Rupee Key (Smart Payment Keychain): ‘RuPay On-the-Go contactless payment device linked to customer’s account
    • ATM Cardless cash withdrawal through Mobile Banking App (IndOASIS)
    • Renewal of KCC facility through Net/Mobile Banking
    • OD against Deposit (E- OD) through Mobile Banking
    • Opening of Joint Term Deposit through Net-banking
    • Sound Box for merchants, an instant audio alert for payment through UPI QR
    • FASTag recharge facility through BBPS and UPI enabled
    • UPI payment as additional  option for MUP challan collection
    • Co-branded Rupay Debit cards issued to Girl students under Govt. of Tamil Nadu Scholarship scheme

     

    Financial Inclusion

    • Since the inception of PMJDY on 16.08.2014, Bank has opened 192.24 lakh Basic Savings Bank Deposit Accounts.
    • RuPay Cards have been issued to 111.27 lakh BSBD Account holders.
    • BC network has presences in 24 states and 5 union Territories.
    • All the Bank Mitras are provided with inter operable Micro ATM/ Kiosk Aggregated Solution (KAS) devices as per the IBA standard (1.5.1)
    • Market share in terms of account is at 4.09%, while in terms of balance outstanding at 4.52%.

     

    Corporate Social Responsibility

    • Contribution to Assam Chief Minister’s Relief Fund for Flood relief.
    • AnnaDaan Abhiyaan, a month-long Food distribution activity as a part of AKAM Anchor Month in Orphanages for Children and Old Age Homes.
    • Food delivery Vehicle to Akshaya Patra Foundation Pondicherry Kitchen for Mid- day Meal scheme.
    • Indian National Flag distributed to needy sections of society as part of Har Ghar Tiranga Campaign.

    ( Last modified on Nov 04, 2022 at 02:11:49 PM )

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