Mumbai, May 6 (IANS): The Indian Bank on Monday reported a 55 per cent rise in net profit to Rs 2,247 crore for the January-March quarter of 2023-24, compared to the corresponding figures of Rs 1,447 crore reported in the same period of the previous year.

The public sector bank's board of directors has recommended a dividend of Rs 12 per share for 2023-24.

The total income of the bank increased by 19 per cent to Rs 16,887 crore in the March quarter of FY24, from Rs 14,238 crore in the same period in FY23.

The bank’s net interest income (NII) increased by 9 per cent year-on-year to Rs 6,015 crore in the March quarter of FY24, from Rs 5,508 crore in the same quarter of FY23.

Indian Bank’s asset quality also improved during the quarter under review, with its gross non-performing assets (NPA) declining to 3.95 per cent of total advances from 5.95 per cent during the same period of the previous year.

Similarly, net NPA was seen at 0.43 per cent of total advances as of March 31, 2024, compared to 0.90 per cent during the same period in 2022-23.