“As per the order dated 17.08.2024, the quantity refundable to the Financial institution for the AY 2015-16 together with curiosity u/s 244A of the Revenue-tax Act is Rs 13,59,29,17,840/- (Rupees One Thousand Three Hundred and Fifty-9 Crores Twenty-9 Lakhs Seventeen Thousand Eight Hundred and Forty Solely),” the Financial institution mentioned in an trade submitting.
The order, dated August 17, 2024, follows earlier orders handed by the Commissioner of Revenue Tax (Appeals) in March and December 2023. The financial institution was knowledgeable of the refund order via the Revenue Tax Portal on December 10, 2024.
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In Q2 FY24, Indian Abroad Financial institution posted a 24% surge in internet revenue to Rs 777 crore, as a result of curiosity revenue and onboarding of latest prospects. The financial institution had earned a internet revenue of Rs 625 crore in the identical quarter a 12 months in the past. The financial institution earned an curiosity revenue of Rs 6,851 crore throughout the quarter in comparison with Rs 5,821 crore within the year-ago interval.The gross non-performing asset stood at 2.72% within the September quarter in opposition to 2.89% within the June quarter. Internet NPA got here at 0.475% in opposition to 0.51% quarter-on-quarter (QoQ).
In financial phrases, gross NPA stood at Rs 6,249.1 crore in opposition to Rs 6,648.7 crore QoQ, whereas internet NPA got here at Rs 1,059.3 crore in opposition to Rs 1,153.5 crore over the earlier quarter. Provisions stood at Rs 1,146.3 crore in opposition to Rs 937.9 crore QoQ and Rs 1,044.2 crore (YoY).
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On Tuesday, Indian Abroad Financial institution shares closed at Rs 56.8, down 1% on the BSE, whereas the benchmark Sensex ended flat. The inventory has surged 30% to this point in 2024 and 120% over the previous two years, with the corporate’s market capitalization now at Rs 1,07,460 crore.
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