Indian Bank managing director and CEO Shanti Lal Jain has set stiff targets on recovery, loan growth and deposit expansion for the current financial year.

The state-owned bank aims to cross Rs 1 lakh crore business transactions through digital channels in FY25.

In the previous fiscal, the lender had made Rs 81,000 crore transactions through digital medium.

"As far as digital transactions are concerned, it grew by 4% to 89% overall in FY23-24. Last financial year (FY23) the digital transactions made was 85%," Jain told reporters.

Indian Bank on Monday reported a 55% jump in net profit to Rs 2,247 crore for the fiscal fourth quarter ended March compared to Rs 1,447 crore a year ago.

"We have reached Rs 81,000 crore and we will try to cross at least Rs 1 lakh crore (of business through digital transactions). Our internal targets are very high," Jain said while responding to a query.

The public sector lender has set a recovery target of Rs 7,000 to Rs 8,000 crore during the current financial year.

"Last time we said that we will recover around Rs 8,000 crore and we recovered Rs 8,800 crore. This year also we are planning for recovery of between Rs 7,000 to Rs 8,000 crore," Jain said.

On the deposit front, the bank has set a growth target of 8-10% in the current fiscal. Credit should grow by 11-13%.

"Last year, we said that the deposits will grow 8-10% and we have grown by 11%. Similarly, we said that credit would grow by 10-12% and we have grown by 13%,” Jain said.

Indian Bank’s total deposits touched Rs 6,88,000 crore as of 31 March 2024 while gross advances hit Rs 5,33,773 crore.

Jain said the bank was adequately capitalised with a capital adequacy ratio of 16.44%.