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Indian Bank

BSE Code : 532814 | NSE Symbol : INDIANB | ISIN:INE562A01011| SECTOR : Banks |

NSE BSE
 
SMC up arrow

187.85

1.65 (0.89%) Volume 652150

27-Sep-2022 13:49:57

Prev. Close

186.20

Open Price

187.10

Bid Price (QTY)

187.70(357)

Offer Price (QTY)

187.85(26)

 

Today’s High/Low 189.90 - 185.70

52 wk High/Low 207.45 - 124.00

Key Stats

MARKET CAP (RS CR) 23152.75
P/E 5.82
BOOK VALUE (RS) 301.0803198
DIV (%) 65
MARKET LOT 1
EPS (TTM) 31.93
PRICE/BOOK 0.617443212905741
DIV YIELD.(%) 3.5
FACE VALUE (RS) 10
DELIVERABLES (%) 42.72
4

News & Announcements

22-Sep-2022

Indian Bank - Compliance-57 (4) : Prior intimation to the beginning of the quarter

16-Sep-2022

Indian Bank - Indian Bank - Reply to Clarification Sought

15-Sep-2022

Indian Bank - Indian Bank - Clarification

12-Sep-2022

Indian Bank gains for third straight session

05-Aug-2022

Indian Bank hikes lending rates linked to policy repo rate

23-Jul-2022

Indian Bank schedules board meeting

01-Jul-2022

Indian Bank hikes MCLRs, TBLRs, Base Rate and BPLR

18-Jun-2022

Indian Bank receives ratings action from CRISIL

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Allahabad Bank(Merged) 532480 ALBK
Andhra Bank(Merged) 532418 ANDHRABANK
Bank of Baroda 532134 BANKBARODA
Bank of India 532149 BANKINDIA
Bank of Maharashtra 532525 MAHABANK
Canara Bank 532483 CANBK
Central Bank of India 532885 CENTRALBK
Corporation Bank(Merged) 532179 CORPBANK
Dena Bank(Merged) 532121 DENABANK
Indian Overseas Bank 532388 IOB
Oriental Bank of Commerce(Merged 500315 ORIENTBANK
Punjab & Sind Bank 533295 PSB
Punjab National Bank 532461 PNB
State Bank of Bikaner and Jaipur(Merged) 501061 SBBJ
State Bank of India 500112 SBIN
State Bank of Mysore(Merged) 532200 MYSOREBANK
State Bank of Travancore(Merged) 532191 SBT
Syndicate Bank(Merged) 532276 SYNDIBANK
UCO Bank 532505 UCOBANK
Union Bank of India 532477 UNIONBANK
United Bank of India(Merged) 533171 UNITEDBNK
Vijaya Bank(Merged) 532401 VIJAYABANK

Share Holding

Category No. of shares Percentage
Total Foreign 27607122 2.22
Total Institutions 145300005 11.67
Total Govt Holding 4021 0.00
Total Non Promoter Corporate Holding 6407828 0.52
Total Promoters 994549600 79.86
Total Public & others 71572563 5.74
Total 1245441139 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indian Bank

A premier bank owned by the Government of India, the Indian Bank was incorporated in 05 March 1907 as Indian Bank Limited and commenced operations in 15 August 1907 as part of the Swadeshi Movement. Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also it offers various novel services to customers, both individuals and organisations. The Bank opened its first overseas branch in Colombo, Sri Lanka during the year 1932 and also opened its Singapore branch in 1941. In the year 1962, Indian Bank acquired the businesses of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the Mannargudi Bank and the Trichy United Bank. The Bank was nationalised in 19th July of the year 1969. The Bank name was changed to Indian Bank after the nationalisation. It was appointed as the lead bank for nine districts in the States of Tamil Nadu, Andhra Pradesh and Kerala and the Union Territory of Pondicherry. The first regional rural bank sponsored by the Bank, Sri Venkateswara Grameena Bank, was founded in the year 1981. Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank during the year 1989. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank during the year 1990. Ind Bank Housing Limited was incorporated in the year 1991 as a subsidiary. Indfund Management Limited was established in 1994 to manage the operations of Indian Bank Mutual Fund. During the year 1995, The Bank's own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) was established. Indian Bank has launched a scheme called Cash Management Services' in the year 2001 for speedy collection of outstation cheques. The Bank entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter's insurance products. The Bank with the Insurance Company signed a Memorandum of understanding in February of the year 2001. In 2002-03, Indian Bank received an award from NABARD for best performance under Self Help Group (SHG) in Tamil Nadu and Andhra Pradesh. In 2003, The Bank made association with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio. The Bank in two branches implemented the Core Banking Solution in December of the year 2004. The Bank signed an agreement with Export Credit Guarantee Corporation of India in the year 2004 to distribute the latter's credit insurance packages for exporters and also in the same year the Bank joined hands with TimesofMoney for remittance solution, introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery and made tie-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL. During the year 2004-05, The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers. In the year 2005, the Bank made tie up with three overseas companies for money transfer, signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company. In 2006, Indian Bank sets up new branch in Mumbai and also launched the Bharat Card. During the year 2006-07, The Bank entered into a strategic alliance with Oriental Bank of Commerce and also with Corporation Bank. As of March 2007, Indian Bank launched Ind on-line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of the common man. The Bank signed an agreement with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering train ticket booking services through IRCTC website http://www.irctc.co.in/. The agreement was signed in 1st August of the year 2007 at New Delhi and also in December of the year 2007 Indian Bank entered into a MoU with Indian Railways to install ATMs in 51 Railway Stations across the country. Of these, 34 stations will have e-ticketing kiosks also along with ATMs. Indian Bank and SME Rating Agency of India Ltd. (SMERA) formally executed an MOU in January 31st 2008 for extending their co-operation in the arena of financing of SME sector. Indian Bank won the Financial Express's Best Bank Award 2008. Indian Bank launched Application Supported by Blocked Amount (ASBA) Phase II in Mumbai on 3 May 2010. ASBA functions as an application for subscribing to a public issue or rights issue along with an authorization to a Self Certified Syndicated Bank (SCSB) to block the application money in the bank account maintained with it. On 2 August 2010, Indian Bank signed Memorandum of Understanding (MOU) with Unique Identification Authority of India (UIDAI) to act as Registrar for AADHAR' project. On 18 October 2010, Indian Bank announced the opening of its 1800th branch in Noida, Gautam Budh Nagar, Uttar Pradesh. The Board of Directors of Indian Bank at its meeting held on 27 November 2010 approved a proposal to transfer the Depository Participant (DP) business of the bank to its subsidiary company viz. M/s. Indbank Merchant Banking Services Limited and to stop operations of existing Indian Bank DP services on completion of successful transfer of DP business. On 16 December 2010, Indian Bank announced that it has entered into a three year agreement with TCS Limited for end to end ICT based Financial Inclusion Solution, deploying the Smart Card based Business Correspondent Model. On 21 January 2011, Indian Bank opened its second branch in Sri Lanka at Jaffna. With this the International presence of Indian Bank has gone up to three viz., in Singapore, Colombo and Jaffna. On 5 May 2011, Indian Bank informed the stock exchanges that the bank has received the approval of Government of India to raise an additional Equity Capital of Rs 61.40 crore through book-building process by its Follow-on Public Offer, comprising 6.14 crore Equity Shares of Rs 10 each at a premium to be decided by the bank. On 1 August 2011, Indian Bank announced that it has entered into an agreement with SBI Fund Management Private Ltd. to act as distributors to sell Mutual Fund products of SBI Mutual Fund, one of the largest Mutual Funds in India. With this accord, Indian Bank customers will have access to three top Mutual Funds of the country, as the bank already has tie up with UTI Mutual Fund and Reliance Mutual Fund. On 2 September 2011, Indian Bank launched its e-Treasury platform, combining the Domestic and Forex Trading on a Common Software Package, which analyses profitability, risk and costing aspects through different markets. On 27 September 2011, Indian Bank signed MOU with Wells Fargo Bank, National Association, a national banking association incorporated in USA. In terms of MOU, Indian Bank will be utilizing the Letter of Credit advising and negotiating services of Wells Fargo Bank in order to improve efficiency in LC processing for Indian Bank's customers. Further, documents examination services will be utilized by Indian Bank's domestic branch network to improve efficiency and reduce operational risks. On 8 November 2011, Indian Bank announced the opening of its Zonal Office (ZO) in Hubli, Karnataka. The opening of Hubli ZO will help the bank in providing services on a larger scale to the customers of the Northern and Coastal Karnataka. On 2 February 2012, Indian Bank announced that the Board of Directors of the bank has approved a Scheme of Amalgamation of M/s. Indfund Management Limited, a wholly owned subsidiary of the bank with Indian Bank. On 21 September 2012, Indian Bank entered into an MOU with National Small Industries Corporation Ltd. (NSIC). As per the MOU, NSIC will sponsor MSME proposals, after due scrutiny, at regular intervals to various branches of Indian Bank all over India. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank. For the quarter ended 30 June 2012, MSME advances of the bank stood at Rs 10776.30 crore, registering an annualized growth of 24.32%. On 10 December 2012, Indian Bank announced that the Board of Directors of the bank has approved a proposal to merge/hive-off Ind Bank Housing Limited, a subsidiary of the bank with Indian Bank. On receipt of capital funds from the Government of India, Indian Bank on 31 March 2015 allotted 1.54 crore equity shares at an issue price of Rs 181.31 per share aggregating to Rs 280 crore to Government of India on preferential basis. On 31 March 2016, Indian Bank announced that it has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on 30 March 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation Limited. The Board of Directors of Indian Bank at its meeting held on 2 August 2016 accorded approval to the bank to raise Basel III compliant AT 1 and/or Tier 2 Bonds upto Rs 1000 crore in one or more tranches in the current or subsequent years based on the requirement. On 4 August 2016, Indian Bank and M/s. Star Agriwarehousing and Collateral Management Ltd. entered into an agreement for extending produce marketing loan to farmers. As per the agreement, M/s.Staragri will provide storage and preservation services to farmers for storing their farm produce and also collateral management services to the bank. Indian Bank will provide credit facilities to farmers against warehouse receipts. Indian Bank has developed a special product for financing farmers upto a maximum limit of Rs 50 lakh under this scheme. This facility will help the farmers to avoid distress sales under adverse market conditions and also to tide over liquidity crunch they face immediately after the harvest. Further, Food and Agro processing units can also store their produce in the storage godowns and avail credit facility against the Warehousing receipts. The Board of Directors of Indian Bank at its meeting held on 5 May 2017 accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs 5000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds. On 1 July 2017, Indian Bank formally launched the GST services. Indian Bank has been authorized by Chief Controller of Accounts, Central Board of Excise and Customs, to collect Goods and Service Tax (GST) through all its branches. Indian Bank is also one among the 25 banks authorized by GST Council for collection of GST. The bank is integrated with GSTN for Tax collections through Net Banking and Over the Counter (OTC) through its branches. On 11 July 2017, Indian Bank announced that credit rating agencies CRISIL and CARE have upgraded the rating of Indian Bank's Additional Tier 1 Bonds to AA+/Stable from AA/Stable) taking into consideration the bank's strong capitalization, better profitability and comfortable resource profile. On 23 November 2017, Indian Bank announced that Securities and Exchange Board of India (SEBI) has pursuant to its letter dated 20 November 2017 permitted the bank to raise capital by way of issue of equity shares pursuant to a Qualified Institutional Placement subject to the receipt of the approval from Government of India (QIP) and achieve minimum public shareholding as required under Rule 19A of Securities Contracts Regulation (Rules), 1957 pursuant to the QIP. The Board of Directors of Indian Bank at its meeting held on 19 December 2017 accorded approval to the bank to raise equity capital upto Rs 7000 crore (including Share Premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/Private Placement/QIP/Rights Issue/Preferential Issue/Institutional Placement Program, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the Bank at EGM and other regulatory authorities. On 1 February 2018, Indian Bank has launched a new loan product called 'IB MUDRA TVS KING' by entering into MoU with TVS company for financing for 3 wheeler. On 5 April 2018, Indian Bank launched 2 new Tech product called 'BHARAT QR' & 'PUBLIC FINANCIAL MANAGEMENT SYSTEM' for facilitating transactions of Merchants /Customers/General Public and Government organizations. During the FY2019, the Bank's business crossed the milestone figure of Rs 4 trillion to reach Rs 4,29,972 Crore with a robust growth of 15.89%. Within which, Deposits grew by Rs 33,782 Crore (16.22%) to Rs 2,42,076 Crore and Advances by Rs 25,170 Crore (15.47%) to Rs 1,87,896 Crore. The bank has allotted 2900 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 290 crore at a coupon rate of 8.90% on Private Placement basis to 19 investors on 30.10.2018. Further the bank allotted 1100 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 110 crore at a coupon rate of 8.85% on Private Placement basis to 18 investors on 06.11.2018. Also allotted 6000 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 600 crore at a coupon rate of 8.53% on Private Placement basis to 9 investors on 22.01.2019. A special resolution approving raising equity capital upto a Rs 7000 crore (including premium) in one or more tranches in the current or subsequent years based on the requirement through FPO / Private Placement / QIP/Rights Issue / Preferential Issue / Employees share Purchase Plan was passed through postal ballot on 27 March 2019. As on 31 March 2019, the bank has 2 subsidiaries and 3 associate RRBs under its roof. The bank conferred with the award'Best Performance - Financial Literacy - 2018-19' by NABARD. The bank also bagged 'Best Bank in SHG Bank linkage Programme' for 2017-18 from Govt of Tamil Nadu. Bank has bagged this award for consecutive years. The bank also won the 'Best Public Sector Bank' Banking Excellence Award 2018 - By State Forum of Banker's Clubs Kerala. As on 31 March 2019, the bank had a distribution network of 2872 branches, 1043 BNAs and 2849 ATMs across the country. The year 2019-20 was eventful for Indian Bank as the Bank was identified as theAnchor Bank in consolidation of PSBs. The Government on 30 August 2019 announced the Amalgamation of Allahabad Bank- a bank with 155 years legacy into Indian Bank. The amalgamation of Allahabad Bank into Indian Bank has placed the Bank as the 7 largest Bank with more th than Rs 8.50 lakh Crore business, 43,000 strong workforce and over 6000 branch network with a strong CASA base. As per Govt. of India Gazette notification dated 04.03.2020 Allahabad Bank has been amalgamated into Indian Bank wef 01.04.2020. On 05.03.2020 the Board of Directors of the Bank and the Board of Directors of Allahabad Bank at their respective meetings, approved amalgamation. The respective Banks have also approved the swap ratio of 115 shares of face value Rs. 10/- each of Indian Bank for every 1000 equity shares of Face Value of Rs. 10/- each of Allahabad Bank. During quarter ended 31 December 2020, the Bank has raised Additional Tier 1 capital in three tranches aggregating to Rs 2000 crore through private placement of Basel III compliant AT 1 Perpetual Bonds. Total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. Besides, the Bank has 3 overseas branches, taking the total branch network to 2890. Total number of ATMs & BNAs increased to 4149, which includes 695 offsite ATMs / BNAs and 6 mobile ATMs. In FY 2021, Bank has pan-India network with 20593 including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents and 3 overseas offices. Its business crossed Rs. 9.2 lakh Crore to reach Rs. 928388 Crore of the total business, Deposits were at Rs. 538071 Crore and Advances at Rs. 390317 crore. Total domestic branch network of the Bank increased to 6,004 as on March 31, 2021. Besides, the Bank has 3 overseas branches, taking the total branch network to 6,007. Total number of ATMs & BNAs increased to 5,428 as on March 31, 2021 which includes 686 offsite ATMs/BNAs and 6 mobileATMs. In FY 20, Bank commenced its operation as an amalgamated entity from 1st April 2020 and completed the integration of CBS systems of both banks on 14th February, 2021. Bank has a network of 5,732 domestic branches as on March 31, 2022 and 3 overseas branches, taking the total branch network to 5,735. Total number of Bank's ATMs and BNAs stood at 4,925 which include 624 offsite ATMs /BNAs and 3 mobile ATMs. During year 2022, Bank raised Equity capital of Rs. 1650 Crore through Qualified Institutional Placement (QIP). It implemented full-fledged Data Analytics solution for generation of business leads, cross selling of Retail & MSME loan products etc. The Bank signed MoU with India Bull HFL, India Bulls CCL, IIFL Housing Finance Limited, AVANSE Financial Services, Edelweiss HFL, ECL Finance Limited, IIFL Finance, SK Fin-Corp Limited and sanctioned an aggregate amount of 500 Crore. Products like Ind Kavach, Housing Loan Premium, Used Cars & Two Wheelers Loan were launched in FY 22. During FY22, Bank has opened 39.95 lakhs new Saving Bank Accounts and 0.93 lakhs new Current Accounts.

Indian Bank Chairman Speech

MANAGING DIRECTOR & CEO

Dear Shareholders,

It is my privilege to present before you the highlights of your Bank's performance during the financial year 2021-22. Your Bank continued to be on the growth trajectory and the details of achievements and initiatives of the Bank are provided in the Annual Report for the year.

The performance of your Bank came in an economic environment where the Indian economy did well despite multiple challenges faced externally as well as internally. Let me begin with a short glimpse of the prevailing financial ecosystem and the outlook for global and Indian economy.

Global Economy:

The war in Ukraine and its consequent impact on commodity prices cast a cloud on the growth outlook globally. It was buffeted by volatile crude prices, rising interest rates in the Advanced Economies, heightened trade tensions and geopolitical uncertainties in some parts of the world. To curb runaway inflations, the US-Fed has already increased the policy rates by 25bps in Mar'22, 50bps in May'22 and more hikes are expected in coming months. China's tighter and wider COVID-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes.

Higher commodity prices due to disrupted supplies and intensified economic uncertainties have fuelled inflationary pressures, squeezing real incomes of households. Consequently, the International Monetary Fund has scaled down the global growth projections for 2022 and 2023 to 3.6%.

Indian Economy:

Although, Indian economy was affected by slowing consumption demand and concerns on widening fiscal deficit, it continues to be one of the fastest growing economies in the world. The second advance estimates for FY22 released by the National Statistical Office (NSO) placed the real Gross Domestic Product (GDP) growth at 8.9%, 1.8% above the pre-pandemic (2019-20) level.

As the Geopolitical conflicts continues to disrupt the global supply chain and inflate prices of goods and commodities, the Indian economy is not expected to remain immune from the negative global reactions. RBI expects the real GDP to grow at 7.2% and projected inflation at around 5.7% in FY23. Good prospects of rabi output on the back of favourable monsoon augur well for rural demand. With the ebbing of the third wave and expanding vaccination coverage, pick-up in contactintensive services and urban demand is expected to be sustained in the near future.

Indian economy overall showed resilience during pandemic years and is also expected to weather the present global turbulence.

Banking Sector

RBI maintained its accommodative stance throughout FY22, ensured adequate liquidity in the system and announced several measures for the continuous growth in the economy. However, due to global conflict, inflation surged to near 8-year high in Apr'22, RBI conducted an off-cycle MPC meeting and hiked the Policy rates by 40bps after almost 2 years.

The Indian Banking sector is sufficiently capitalised and the demand for credit from almost all the major categories of borrowers is encouraging. The SCBs in India posted continuous growth across all the business parameters in FY22. Demand for credit disbursed by Scheduled Commercial Banks (SCBs) has improved gradually through FY22.

Bank's Performance - FY22

Against this backdrop, I would like to present a snapshot of the Bank's performance during FY22.

Bank's Footprint:

Currently, the Bank has an extensive branch network across India, comprising 5732 branches, 4925 ATMs and BNAs as well as over 9657 Business Correspondents (BCs). This year, Bank is in the process of identifying potential centres to tap quality business to support the overall growth of the Bank. These centres would be located in the new and developing areas across centres, especially in Tier-I and Tier-II cities and Unbanked Rural Centres which are expanding very fast.

Landmark Business Figure:

Bank performed well in all key Business parameters in all the four quarters of FY22. The highlight of the Bank's performance was achieving landmark of Rs10 Lakh Cr in Gross Business in Mar'22 and grew by 9% YoY. The growth was aided by 10% growth in deposit and 6% in Gross advances. The deposit and advances of the Bank stood at Rs593618 Cr and Rs415625 Cr in Mar'22 respectively.

Strong CASA:

Bank has maintained its low cost deposit base, which aided in improving the margins. Bank's CASA ratio was maintained at 42% in FY22. In value terms, CASA deposits increased by 9% YoY from Rs227595 Cr in FY21 to Rs247926 Cr in FY22.

RAM (Retail, Agriculture and MSME) and Corporate Advances:

Bank has a well-diversified credit book constituting 61% share of RAM increasing from 58% in FY21. Out of total domestic credit portfolio of Rs395698 Cr, RAM constitutes Rs242700 Cr in FY22. The Retail, Agriculture and MSME sectors grew by 15%, 12% and 6% respectively. The Corporate loan book moderated by 5% at Rs152998 Cr in FY22 due to economic slowdown for last couple of years.

During the second and the third wave of covid-19, the Bank continued to extend support to the customers by providing much needed credit facilities including Emergency Credit Line Guarantee Scheme (ECLGS) to bring lifeline in the pandemic hit economy.

Earnings and Profitability:

Net Interest Income of the Bank increased to Rs16728 Cr in FY22 from Rs15666 Cr in the previous year, registering a growth of 7% YoY. Consequently, Operating Profit recorded a growth of 16% to reach Rs12717 Cr as compared to Rs10967 Cr in the previous year. Net Profit of the Bank grew substantially by 31% to Rs3945 Cr in FY22 as against Rs3005 Cr in FY21.

Priority Sector:

Priority Sector Advances were at Rs148806 Cr for the year ended March 31, 2022 and as a percentage to quarterly average Adjusted Net Bank Credit (ANBC) stood at 43.83% as against the RBI mandatory target of 40.00%. Agriculture Credit stood at Rs68936 Cr at the end of Mar'22 and the percentage to quarterly average ANBC was 20.10% as against the RBI mandatory target of 18.00%.

Self Help Group (SHG) Lending:

During the FY22, SHG portfolio of the bank grew at 22% YoY to reach Rs9524 Cr involving 3.30 lakh SHGs as on 31 Mar'22 as against Rs7785 Cr previous year.

Bank has been awarded the Best Performing Bank - SHG Bank Linkage for FY21 by Government of India. It has also been awarded First Prize among PSBs by NABARD for Excellence in performance under "SHG Bank Linkage Programme in Tamil Nadu" for FY21.

Asset Quality:

Gross Non-Performing Assets (GNPA) reduced to 8.47% at Rs35214 Cr in FY22 as against 9.85% in the previous financial year. Net NPA also declined by 110 bps to Rs8849 Cr during the same period and was at 2.27% as on March 31, 2022 as against 3.37% in FY21.

Sound Capital Structure:

Capital Adequacy Ratio (CRAR) of the Bank computed as per Basel III guidelines, stood at comfortable level of 16.53% as on Mar'22 with Tier-I Capital at 13.17%. In absolute term, the total risk weighted asset as on March 31,2022 was at Rs308938 Cr. During the year, Bank raised Equity Capital of Rs1650 Cr through Qualified Institutional Placement (QIP). Government holding has come down from 88.06% as on March 31,2021 to 79.86% as on March 31,2022.

Financial Inclusion Initiatives:

Bank's performance under financial inclusion was noteworthy. As on Mar'22, the Bank opened 185.06 lakhs PMJDY accounts and the outstanding balance stood at Rs7609 Cr which is 12.24% growth over previous year. Further, the Bank has sanctioned overdraft to 7.05 lakhs eligible account holders and issued RuPay cards to around 60% of the accounts. The claim settlement ratio under PMJJBY and PMSBY was 94.80% and 97.90% respectively.

Leveraging Technology

Digital Banking has become a great enabler in providing products/services to the convenience of the customer. Bank has embarked upon promoting products and services to enhance customer satisfaction in the digital space. During Q4FY22, 77% of the Bank's transactions were carried out through Digital/ATM/BNA Channels as against 60% during Q4FY21. Leads generated through various channels like ATM, Website, Mobile Banking, Chatbot, Social Media are integrated with Lead Management System (LMS) for their effective conversion into business. During the financial year, Bank has implemented full-fledged Data Analytics solution for generation of business leads, cross selling of Retail & MSME loan products etc.

HR Initiatives:

The proactive role of HR in foreseeing the necessities of business and employees make the institution special and an employee friendly one. Bank has tied -up with M/s. Practo for free online Doctor consultation for serving and retired staff members. Bank has also developed New Age Performance Management System (PMS) aimed at periodical assessment of performance with interactive dashboard and robust individual development plan for employees. Bank has also introduced "Ind Paramarsh "- an exclusive portal for employees suffering from critical illness to register their transfer requests.

New Initiatives:

To provide 24x7 digital solution, Bank has launched Pre approved Personal Loan product with an end to end digitisation with instant disbursement in 3 Clicks.

Underwriting proposals related to KCC Renewal, Mudra & Gold Loan through digital mode would be made live shortly.

MSME Prerana, a business mentorship programme for MSMEs has been successfully rolled out in 10 states/ UTs in 7 languages. Under this programme 1191 entrepreneurs were trained of which 342 were women.

To facilitate funding for identified start-ups under 'Ind Spring Board' scheme, the Bank has signed MOUs with three IITs, two IIMs along with IISc Bangalore, VIT Vellore and Chennai Angels.

Way Forward:

At Indian Bank we have taken up comprehensive digital transformation for customer engagement and personalised offerings of our products and services. This will be the biggest enabler for quality customer service and our mission is to bring the best of innovation and technology in our offerings and be responsive to the unique needs of every customer through all channels of choice.

As a part of digital transformation, the Bank has launched "Project-WAVE" (World of Advanced Virtual Experience) and created an exclusive digitisation cell for undertaking key digitisation initiatives. M/s Boston Consultancy Group has been on boarded as digital transformation consultant. In continuation to Pre-Approved Personal Loan product (PAPL), several digital journeys for automated lending are planned to be launched in future.

The collective objective of the Bank is to grow organically through committed efforts to execute strategic plans by achieving scale and quality, driven by relentless action.

Emphasis would be on offering efficient and excellent customer service with frequent employee-customer connects and educating them about the usage of digital banking for ease and convenience. Adequate focus would be given on conversion of leads into business, to promote innovative sales culture in the Bank and to accelerate digital adaptation by all the customers.

Acknowledgement

I would like to take this opportunity to thank all the members of the Board for their valuable support, guidance and inputs during the course of journey throughout the year. I would also like to acknowledge the unstinted support of our loyal customers in the growth story of the Bank. I appreciate our dedicated and devoted work force for their untiring efforts and outstanding performance in challenging times.

I also wish to sincerely thank the Government of India, RBI, all our valuable shareholders and other stakeholders for their continued confidence and support to the Bank in all its endeavours.

We would continue to look forward for your support, goodwill and patronage.

With best wishes,
Yours sincerely,
S L Jain
MD & CEO

   

Indian Bank Company History

A premier bank owned by the Government of India, the Indian Bank was incorporated in 05 March 1907 as Indian Bank Limited and commenced operations in 15 August 1907 as part of the Swadeshi Movement. Indian Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations. Credit/Advances/Loan Schemes specifically designed for its customers. Also it offers various novel services to customers, both individuals and organisations. The Bank opened its first overseas branch in Colombo, Sri Lanka during the year 1932 and also opened its Singapore branch in 1941. In the year 1962, Indian Bank acquired the businesses of Royalaseema Bank, the Bank of Alagapuri, Salem Bank, the Mannargudi Bank and the Trichy United Bank. The Bank was nationalised in 19th July of the year 1969. The Bank name was changed to Indian Bank after the nationalisation. It was appointed as the lead bank for nine districts in the States of Tamil Nadu, Andhra Pradesh and Kerala and the Union Territory of Pondicherry. The first regional rural bank sponsored by the Bank, Sri Venkateswara Grameena Bank, was founded in the year 1981. Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank during the year 1989. The Bank of Thanjavur Limited (with 157 branches) was amalgamated with the Bank during the year 1990. Ind Bank Housing Limited was incorporated in the year 1991 as a subsidiary. Indfund Management Limited was established in 1994 to manage the operations of Indian Bank Mutual Fund. During the year 1995, The Bank's own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) was established. Indian Bank has launched a scheme called Cash Management Services' in the year 2001 for speedy collection of outstation cheques. The Bank entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration for foray into Life Insurance business for distribution of latter's insurance products. The Bank with the Insurance Company signed a Memorandum of understanding in February of the year 2001. In 2002-03, Indian Bank received an award from NABARD for best performance under Self Help Group (SHG) in Tamil Nadu and Andhra Pradesh. In 2003, The Bank made association with the M S Swaminathan Research Foundation (MSSRF), Chennai to sponsor a programme on agriculturists to be aired on the All India Radio. The Bank in two branches implemented the Core Banking Solution in December of the year 2004. The Bank signed an agreement with Export Credit Guarantee Corporation of India in the year 2004 to distribute the latter's credit insurance packages for exporters and also in the same year the Bank joined hands with TimesofMoney for remittance solution, introduced 'IB Swarna Abharana' a new loan product for buying gold jewellery and made tie-up with Tamil Nadu Newsprint and Papers Ltd (TNPL) for financing farmers taking up farm forestry project with the sponsorship of TNPL. During the year 2004-05, The Bank entered into strategic alliance with Mahindra & Mahindra Limited and TAFE Limited for pushing up tractor usage among farmers. In the year 2005, the Bank made tie up with three overseas companies for money transfer, signed the papers with the National Exchange Company of Doha, Mussandum Exchange Company of Oman and Abu Dhabi-based UAE Exchange Company. In 2006, Indian Bank sets up new branch in Mumbai and also launched the Bharat Card. During the year 2006-07, The Bank entered into a strategic alliance with Oriental Bank of Commerce and also with Corporation Bank. As of March 2007, Indian Bank launched Ind on-line Doorstep Banking to deliver Banking and Financial Services at the doorsteps of the common man. The Bank signed an agreement with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering train ticket booking services through IRCTC website http://www.irctc.co.in/. The agreement was signed in 1st August of the year 2007 at New Delhi and also in December of the year 2007 Indian Bank entered into a MoU with Indian Railways to install ATMs in 51 Railway Stations across the country. Of these, 34 stations will have e-ticketing kiosks also along with ATMs. Indian Bank and SME Rating Agency of India Ltd. (SMERA) formally executed an MOU in January 31st 2008 for extending their co-operation in the arena of financing of SME sector. Indian Bank won the Financial Express's Best Bank Award 2008. Indian Bank launched Application Supported by Blocked Amount (ASBA) Phase II in Mumbai on 3 May 2010. ASBA functions as an application for subscribing to a public issue or rights issue along with an authorization to a Self Certified Syndicated Bank (SCSB) to block the application money in the bank account maintained with it. On 2 August 2010, Indian Bank signed Memorandum of Understanding (MOU) with Unique Identification Authority of India (UIDAI) to act as Registrar for AADHAR' project. On 18 October 2010, Indian Bank announced the opening of its 1800th branch in Noida, Gautam Budh Nagar, Uttar Pradesh. The Board of Directors of Indian Bank at its meeting held on 27 November 2010 approved a proposal to transfer the Depository Participant (DP) business of the bank to its subsidiary company viz. M/s. Indbank Merchant Banking Services Limited and to stop operations of existing Indian Bank DP services on completion of successful transfer of DP business. On 16 December 2010, Indian Bank announced that it has entered into a three year agreement with TCS Limited for end to end ICT based Financial Inclusion Solution, deploying the Smart Card based Business Correspondent Model. On 21 January 2011, Indian Bank opened its second branch in Sri Lanka at Jaffna. With this the International presence of Indian Bank has gone up to three viz., in Singapore, Colombo and Jaffna. On 5 May 2011, Indian Bank informed the stock exchanges that the bank has received the approval of Government of India to raise an additional Equity Capital of Rs 61.40 crore through book-building process by its Follow-on Public Offer, comprising 6.14 crore Equity Shares of Rs 10 each at a premium to be decided by the bank. On 1 August 2011, Indian Bank announced that it has entered into an agreement with SBI Fund Management Private Ltd. to act as distributors to sell Mutual Fund products of SBI Mutual Fund, one of the largest Mutual Funds in India. With this accord, Indian Bank customers will have access to three top Mutual Funds of the country, as the bank already has tie up with UTI Mutual Fund and Reliance Mutual Fund. On 2 September 2011, Indian Bank launched its e-Treasury platform, combining the Domestic and Forex Trading on a Common Software Package, which analyses profitability, risk and costing aspects through different markets. On 27 September 2011, Indian Bank signed MOU with Wells Fargo Bank, National Association, a national banking association incorporated in USA. In terms of MOU, Indian Bank will be utilizing the Letter of Credit advising and negotiating services of Wells Fargo Bank in order to improve efficiency in LC processing for Indian Bank's customers. Further, documents examination services will be utilized by Indian Bank's domestic branch network to improve efficiency and reduce operational risks. On 8 November 2011, Indian Bank announced the opening of its Zonal Office (ZO) in Hubli, Karnataka. The opening of Hubli ZO will help the bank in providing services on a larger scale to the customers of the Northern and Coastal Karnataka. On 2 February 2012, Indian Bank announced that the Board of Directors of the bank has approved a Scheme of Amalgamation of M/s. Indfund Management Limited, a wholly owned subsidiary of the bank with Indian Bank. On 21 September 2012, Indian Bank entered into an MOU with National Small Industries Corporation Ltd. (NSIC). As per the MOU, NSIC will sponsor MSME proposals, after due scrutiny, at regular intervals to various branches of Indian Bank all over India. The arrangement is expected to provide more momentum to the growth of MSME advances of Indian Bank. For the quarter ended 30 June 2012, MSME advances of the bank stood at Rs 10776.30 crore, registering an annualized growth of 24.32%. On 10 December 2012, Indian Bank announced that the Board of Directors of the bank has approved a proposal to merge/hive-off Ind Bank Housing Limited, a subsidiary of the bank with Indian Bank. On receipt of capital funds from the Government of India, Indian Bank on 31 March 2015 allotted 1.54 crore equity shares at an issue price of Rs 181.31 per share aggregating to Rs 280 crore to Government of India on preferential basis. On 31 March 2016, Indian Bank announced that it has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on 30 March 2016 with a coupon of 11.15% p.a. from Rural Electrification Corporation Limited. The Board of Directors of Indian Bank at its meeting held on 2 August 2016 accorded approval to the bank to raise Basel III compliant AT 1 and/or Tier 2 Bonds upto Rs 1000 crore in one or more tranches in the current or subsequent years based on the requirement. On 4 August 2016, Indian Bank and M/s. Star Agriwarehousing and Collateral Management Ltd. entered into an agreement for extending produce marketing loan to farmers. As per the agreement, M/s.Staragri will provide storage and preservation services to farmers for storing their farm produce and also collateral management services to the bank. Indian Bank will provide credit facilities to farmers against warehouse receipts. Indian Bank has developed a special product for financing farmers upto a maximum limit of Rs 50 lakh under this scheme. This facility will help the farmers to avoid distress sales under adverse market conditions and also to tide over liquidity crunch they face immediately after the harvest. Further, Food and Agro processing units can also store their produce in the storage godowns and avail credit facility against the Warehousing receipts. The Board of Directors of Indian Bank at its meeting held on 5 May 2017 accorded in-principle approval for issue of Long Term Bonds for financing of Infrastructure and Affordable Housing upto an amount of Rs 5000 crore. The Board will consider specific approval for the same at the time of actual floating of the Bonds. On 1 July 2017, Indian Bank formally launched the GST services. Indian Bank has been authorized by Chief Controller of Accounts, Central Board of Excise and Customs, to collect Goods and Service Tax (GST) through all its branches. Indian Bank is also one among the 25 banks authorized by GST Council for collection of GST. The bank is integrated with GSTN for Tax collections through Net Banking and Over the Counter (OTC) through its branches. On 11 July 2017, Indian Bank announced that credit rating agencies CRISIL and CARE have upgraded the rating of Indian Bank's Additional Tier 1 Bonds to AA+/Stable from AA/Stable) taking into consideration the bank's strong capitalization, better profitability and comfortable resource profile. On 23 November 2017, Indian Bank announced that Securities and Exchange Board of India (SEBI) has pursuant to its letter dated 20 November 2017 permitted the bank to raise capital by way of issue of equity shares pursuant to a Qualified Institutional Placement subject to the receipt of the approval from Government of India (QIP) and achieve minimum public shareholding as required under Rule 19A of Securities Contracts Regulation (Rules), 1957 pursuant to the QIP. The Board of Directors of Indian Bank at its meeting held on 19 December 2017 accorded approval to the bank to raise equity capital upto Rs 7000 crore (including Share Premium) in one or more tranches in the current or subsequent financial years based on the requirement through FPO/Private Placement/QIP/Rights Issue/Preferential Issue/Institutional Placement Program, subject to necessary approval from Reserve Bank of India, Government of India, shareholders of the Bank at EGM and other regulatory authorities. On 1 February 2018, Indian Bank has launched a new loan product called 'IB MUDRA TVS KING' by entering into MoU with TVS company for financing for 3 wheeler. On 5 April 2018, Indian Bank launched 2 new Tech product called 'BHARAT QR' & 'PUBLIC FINANCIAL MANAGEMENT SYSTEM' for facilitating transactions of Merchants /Customers/General Public and Government organizations. During the FY2019, the Bank's business crossed the milestone figure of Rs 4 trillion to reach Rs 4,29,972 Crore with a robust growth of 15.89%. Within which, Deposits grew by Rs 33,782 Crore (16.22%) to Rs 2,42,076 Crore and Advances by Rs 25,170 Crore (15.47%) to Rs 1,87,896 Crore. The bank has allotted 2900 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 290 crore at a coupon rate of 8.90% on Private Placement basis to 19 investors on 30.10.2018. Further the bank allotted 1100 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 110 crore at a coupon rate of 8.85% on Private Placement basis to 18 investors on 06.11.2018. Also allotted 6000 Tier 2 Bonds of Rs 10 lakhs each (Rupees Ten lakhs each) for Rs 600 crore at a coupon rate of 8.53% on Private Placement basis to 9 investors on 22.01.2019. A special resolution approving raising equity capital upto a Rs 7000 crore (including premium) in one or more tranches in the current or subsequent years based on the requirement through FPO / Private Placement / QIP/Rights Issue / Preferential Issue / Employees share Purchase Plan was passed through postal ballot on 27 March 2019. As on 31 March 2019, the bank has 2 subsidiaries and 3 associate RRBs under its roof. The bank conferred with the award'Best Performance - Financial Literacy - 2018-19' by NABARD. The bank also bagged 'Best Bank in SHG Bank linkage Programme' for 2017-18 from Govt of Tamil Nadu. Bank has bagged this award for consecutive years. The bank also won the 'Best Public Sector Bank' Banking Excellence Award 2018 - By State Forum of Banker's Clubs Kerala. As on 31 March 2019, the bank had a distribution network of 2872 branches, 1043 BNAs and 2849 ATMs across the country. The year 2019-20 was eventful for Indian Bank as the Bank was identified as theAnchor Bank in consolidation of PSBs. The Government on 30 August 2019 announced the Amalgamation of Allahabad Bank- a bank with 155 years legacy into Indian Bank. The amalgamation of Allahabad Bank into Indian Bank has placed the Bank as the 7 largest Bank with more th than Rs 8.50 lakh Crore business, 43,000 strong workforce and over 6000 branch network with a strong CASA base. As per Govt. of India Gazette notification dated 04.03.2020 Allahabad Bank has been amalgamated into Indian Bank wef 01.04.2020. On 05.03.2020 the Board of Directors of the Bank and the Board of Directors of Allahabad Bank at their respective meetings, approved amalgamation. The respective Banks have also approved the swap ratio of 115 shares of face value Rs. 10/- each of Indian Bank for every 1000 equity shares of Face Value of Rs. 10/- each of Allahabad Bank. During quarter ended 31 December 2020, the Bank has raised Additional Tier 1 capital in three tranches aggregating to Rs 2000 crore through private placement of Basel III compliant AT 1 Perpetual Bonds. Total domestic branch network of the Bank in India increased to 2887 as on 31 March 2020. Besides, the Bank has 3 overseas branches, taking the total branch network to 2890. Total number of ATMs & BNAs increased to 4149, which includes 695 offsite ATMs / BNAs and 6 mobile ATMs. In FY 2021, Bank has pan-India network with 20593 including 6004 Brick & Mortar branches, 5428 ATMs/BNAs, 9161 Business Correspondents and 3 overseas offices. Its business crossed Rs. 9.2 lakh Crore to reach Rs. 928388 Crore of the total business, Deposits were at Rs. 538071 Crore and Advances at Rs. 390317 crore. Total domestic branch network of the Bank increased to 6,004 as on March 31, 2021. Besides, the Bank has 3 overseas branches, taking the total branch network to 6,007. Total number of ATMs & BNAs increased to 5,428 as on March 31, 2021 which includes 686 offsite ATMs/BNAs and 6 mobileATMs. In FY 20, Bank commenced its operation as an amalgamated entity from 1st April 2020 and completed the integration of CBS systems of both banks on 14th February, 2021. Bank has a network of 5,732 domestic branches as on March 31, 2022 and 3 overseas branches, taking the total branch network to 5,735. Total number of Bank's ATMs and BNAs stood at 4,925 which include 624 offsite ATMs /BNAs and 3 mobile ATMs. During year 2022, Bank raised Equity capital of Rs. 1650 Crore through Qualified Institutional Placement (QIP). It implemented full-fledged Data Analytics solution for generation of business leads, cross selling of Retail & MSME loan products etc. The Bank signed MoU with India Bull HFL, India Bulls CCL, IIFL Housing Finance Limited, AVANSE Financial Services, Edelweiss HFL, ECL Finance Limited, IIFL Finance, SK Fin-Corp Limited and sanctioned an aggregate amount of 500 Crore. Products like Ind Kavach, Housing Loan Premium, Used Cars & Two Wheelers Loan were launched in FY 22. During FY22, Bank has opened 39.95 lakhs new Saving Bank Accounts and 0.93 lakhs new Current Accounts.

Indian Bank Directors Reports

To

The Members,

Your Directors have immense pleasure in presenting the Bank's Annual Report along with the Audited Statement of Accounts and the Cash Flow statement for the year ended 31st March 2022.

FINANCIAL HIGHLIGHTS

The major highlights of your Bank's performance during FY22 are as follows:

A. Resource mobilization & Advances: (' in Cr)

Particulars 31.03.21 31.03.22 YoY (%)
Domestic Deposits 529264 584661 10.47
Of which Current 31861 35969 12.89
Savings 195166 211120 8.17
CASA 227027 247089 8.84
CASA Mix (%) 42.89 42.26 -63 bps
Overseas Deposits 8807 8957 1.70
Global Deposits 538071 593618 10.32
Domestic Advances (Gross) 379537 395698 4.26
Overseas Advances (Gross) 10780 19927 84.85
Total Advances (Gross) 390317 415625 6.48
Total Business 928388 1009242 8.71
Total Assets 626005 671668 7.29

1. Global Deposits grew by 10.32% YoY and stood at Rs 5,93,618 Cr in March 2022.

2. Domestic CASA increased to Rs 2,47,089 Cr registering a growth of 8.84% YoY. In order to augment the CASA portfolio, Bank has mobilised 40,87,902 new CASA accounts during FY22.

3. Bank's Domestic Term Deposits posted a growth of 11.69% in FY22 as against 6.92% in FY21.

4. Gross Advances of the Bank increased by 6.48% on a YoY basis to Rs 4,15,625 Cr as on March 31, 2022 from Rs 3,90,317 Cr as on March 31,2021.

5. Priority Sector Advances were at Rs 1,48,806 Cr as on March 31, 2022. Priority sector as a percentage to Adjusted Net Bank Credit (ANBC) for FY22 stood at 45.47% as against the mandatory target of40.00%.

6. Agriculture Credit (Priority Sector) was at Rs 68,936 Cr and the percentage to quarterly ANBC stood at 21% as against the mandatory target of 18.00%.

7. All mandatory targets stipulated by RBI have been surpassed during FY22.

8. Gross NPA and Net NPA reduced to Rs 35,214 Cr (8.47%) and Rs 8,849 Cr (2.27%) respectively as on March 31,2022 as against Rs 38,455 Cr (9.85%) and Rs 12,271 Cr (3.37%) respectively in March 31,2021.

9. Total recovery of NPAs (including recovery in AUC accounts) during FY22 amounted to Rs 5,087 Cr as against Rs 4,477 Cr in the previous year.

10. Recovery in AUC accounts amounted to Rs 1,612 Cr during FY 22 as against Rs 618 Cr in during FY 21.

11. Provision Coverage Ratio (PCR) of the Bank improved by 526 bps to 87.38% in FY 22 as against 82.12% in FY21.

12. Bank has a network of 5,732 domestic branches as on March 31,2022 and 3 overseas branches, taking the total branch network to 5,735.

13. Total number of Bank's ATMs and BNAs stood at 4,925 which include 624 offsite ATMs/BNAs and 3 mobile ATMs.

14. 1969 Passbook Kiosks have been installed by the Bank as on 31st March 2022.

B. INCOME AND EXPENDITURE (' in Cr)

Particulars 31.03.21 31.03.22 YoY (%)
Interest Earned 39106 38856 -0.64
Interest Expended 23440 22128 -5.60
Net Interest Income (NII) 15666 16728 6.78
Other Income 5650 6915 22.39
Of which - Fee Income 2368 2555 7.90
Profit on sale of Investments 2124 1626 -23.45
Recovery of bad debts 618 1612 160.84
Operating Revenue (NII + Other income) 21316 23643 10.92
Operating Expenses 10349 10926 5.58
Of which Employee Expenses 6378 6695 4.97
Other operating Expenses 3971 4231 6.55
Operating Profit 10967 12717 15.96
Provisions 7962 8772 10.17
Of which Provisions for NPA (inclusive of NPI) 7318 8557 16.93
Provision for Standard advances 469 962 105.12
Provision for Tax (99) (741) -
Net profit 3005 3945 31.28

As on March 31,2022,

1. Total income of the Bank increased by 2% and stood at Rs 45,771 Cr, with Interest Income at Rs 38,856 Cr and other Income at Rs 6,915 Cr.

2. Bank's Total Expenditure contracted by 2.17% and stood at Rs 33,054 Cr with Interest Expenditure at Rs 22,128 Cr and Operating expenses at Rs 10,926 Cr

3. Bank's Operating Profit and Net Profit witnessed an increase of 16% and 31% respectively and stood at Rs 12,717 Cr and Rs 3,945 Cr respectively. (For FY21 the same was at Rs 10,967 Cr and Rs 3,005 Cr respectively).

C. Key Ratios for Mar'22 are as under: (in %)

Parameters Mar'21 Mar'22
Yield on Advances 7.45 7.21
Cost of Deposits 4.44 3.97
Return on Assets 0.50 0.63
Return on Equity 10.63 12.13
Net Interest Margin 2.81 2.93
Cost Income ratio 48.55 46.21
Average Business per employee (Rs in Lakh) 2077 2252
Profit per employee (Rs in Lakh) 7.22 9.91

D. NETWORTH AND CRAR

1. Networth of the Bank stood at Rs 33,625 Cr as on March 31,2022 as against Rs 29,812 Cr in March 31,2021.

2. As per Basel III norms, the Capital to Risk weighted Assets Ratio (CRAR) was at 16.53% as on March 31, 2022, compared to 15.71% in March 31,2021 and as against the regulatory requirement of 11.50%. The CET- I ratio was at 12.53% as against 11.27% in March 31,2021 and the minimum requirement of 8.00%. The CRAR of Tier I capital was at 13.17% as of March 31,2022.

3. During the year, Bank raised Equity capital of Rs 1,650 Cr through Qualified Institutional Placement (QIP). Government holding has come down from 88.06% as on March 31,2021 to 79.86% as on March 31,2022.

(in %)
BASEL III

As on

Mar'21 Mar'22
CET- I 11.27 12.53
Tier- I Capital 11.93 13.17
Tier-II Capital 3.78 3.36
TOTAL 15.71 16.53

E. RECRUITMENT /TRAINING

As per Government guidelines, pre-recruitment and prepromotion trainings were offered to SC/ST employees during the process of direct recruitment and internal promotions.

F. CHANGES IN THE BOARD DURING THE YEAR:

All the Directors have been appointed/nominated by the Govt. of India (GOI) except Shareholder Directors.

1. Shri Shanti Lal Jain assumed charge as Managing Director and Chief Executive Officer of the Bank from 01.09.2021 vide Government of India, Ministry of Finance, Department of Financial Services, notification dated 26.08.2021.

2. Shri Ashwani Kumar assumed charge as Executive Director of the Bank from 21.10.2021 vide Government of India, Ministry of Finance, Department of Financial Services, Notification dated 21.10.2021.

3. Ms.Papia Sengupta was elected as shareholder Director of the Bank for a period of three years from 29.10.2021.

4. Shri.Balmukund Sahay was nominated as Part-time Non official Director of the Bank for a period of three years vide Government of India, Ministry of Finance, Department of Financial Services, notification dated 21.12.2021.

5. Shri Vishvesh Kumar Goel was nominated as Part-time Non official Director of the Bank for a period of three years vide Government of India, Ministry of Finance, Department of Financial Services, notification dated 21.12.2021.

6. Government of India, Ministry of Finance, Department of Financial Services, notification dated 08.03.2022 nominated Dr. Aditya Gaiha as RBI Nominee Director in the place of Shri S K Panigrahy. Shri S. K. Panigrahy was RBI Nominee Director upto 07.03.2022.

7. Shri K Ramachandran was Executive Director of the Bank till 30.06.2021

8. The three-year term of Ms. Padmaja Chunduru as Managing Director and Chief Executive Officer of the Bank ended on 31.08.2021.

9. The term of Shri V V Shenoy as Executive Director of the Bank ended on 31.03.2022 on his superannuation.

G. DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that in the preparation of the annual accounts for the year ended March 31,2022: -

1. The applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

2. The accounting policies framed in accordance with the guidelines of the Reserve Bank of India, were consistently applied;

3. Reasonable and prudent judgment and estimates were made so as to give a true and fair view on the state of affairs of the Bank at the end of the financial year and profit of the Bank for the year ended March 31,2022.

4. Proper and sufficient care were taken for the maintenance of adequate accounting records in accordance with the provisions of applicable laws governing banks in India; and

5. The accounts have been prepared on a going concern basis.

H. ACKNOWLEDGEMENT

The Board expresses its deep sense of gratitude to the Government of India, State Governments, Reserve Bank of India and Securities & Exchange Board of India for the valuable guidance and support received from them. The Board also thanks the financial institutions and correspondent Banks for their co-operation and support. The Board acknowledges the unstinted support of its customers and shareholders.

The Board places on record its appreciation for the valuable contribution made by Ms. Padmaja Chunduru, Shri K Ramachandran, Shri S. K. Panigrahy, and Shri V V Shenoy who ceased to be members during the year.

The Board places on record its appreciation for the dedicated services and contribution made by members of staff for the overall performance of the Bank.

For and on behalf of Board of Directors
SHANTI LAL JAIN
MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER

   

Indian Bank Company Background

S L Jain
Incorporation Year1907
Registered Office66 Rajaji Salai,P B No 1384
Chennai,Tamil Nadu-600001
Telephone91-44-25233231/25231253/25231254,Managing Director
Fax91-44-25231278
Company SecretaryDina Nath Kumar
AuditorRavi Rajan & Co LLP/Sriramamurthy & Co
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarCameo Corporate Services Ltd
Subramanian Building,1ST Floor No 1,Club House Road,Chennai - 600002

Indian Bank Company Management

Director NameDirector DesignationYear
Sanjeev Kaushik Nominee (Govt) 2022
Dina Nath Kumar Company Sec. & Compli. Officer 2022
Bharath Krishna Sankar Director (Shareholder) 2022
S L Jain Managing Director & CEO 2022
Ashwani Kumar Executive Director 2022
Papia Sengupta Director (Shareholder) 2022
Vishvesh Kumar Goel Non Official Director 2022
Balmukund Sahay Non Official Director 2022
Aditya Gaiha Nominee (RBI) 2022
Imran Amin Siddiqui Executive Director 2022

Indian Bank Listing Information

Listing Information
BSE_500
BSE_PSU
CNX500
BSESMALLCA
CNXMIDCAP
PSUBANK
CNX200
BSEALLCAP
BSEFINANCE
BSEBHARA22
MID150
LMI250
MSL400
NFTYLM250
NFTYMC150
NFTYMSC400
NF500M5025

Indian Bank Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/Discount on Adv/BillsRs.00015933.0415
Income on investments Rs.0005278.8236
Interest on Balances with RBI Rs.000177.4266
Others Rs.00015.6775

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