Indian Bank, a public sector lender, recorded 55 per cent increase in net profit, hitting Rs 2,247 crore in the fourth quarter of the fiscal year 2023-24.

Comparatively, the bank had achieved a net profit of Rs 1,447 crore in the corresponding quarter of the previous fiscal year.

Total income witnessed a notable rise, climbing to Rs 16,887 crore in the March quarter of FY24, up from Rs 14,238 crore in the fourth quarter of FY23.

The Net Interest Income (NII) also demonstrated positive growth, registering 9 per cent year-on-year increase to Rs 6,015 crore in the March quarter of FY24, compared to Rs 5,508 crore in the same period of FY23.

For the full fiscal year 2023-24, net profit surged by 53 per cent year-on-year to Rs 8,063 crore, as opposed to Rs 5,282 crore in FY23. Similarly, total income for FY24 rose to Rs 63,482 crore, up from Rs 52,085 crore in FY23.

Indian Bank's shares ended 1.29 per cent lower at Rs 537.

(With PTI inputs)