IndusInd Bank Q4 results, net profit up by 21 percent

by Psu Connect
Date: 27-04-24

Gross NPA and Net NPA ratios improved to 1.92% and 0.57% from 1.98% and 0.59% YoY respectively and PCR at 71% as of March 31, 2024, as per the provisional data.

IndusInd Bank Q4 results, net profit up by 21 percent

The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/ Year ended March 31, 2024, at their meeting held in Mumbai on Thursday, April 25, 2024. The Net Profit stood at Rs 8,977 crores for the year ended March 31, 2024, up by 21% over the previous year at Rs 7,443 crores.

The NIM is standing at 4.26%, Net NPA at 0.57%, Provision Coverage Ratio at 71%, Capital Adequacy Ratio (CRAR) at 17.23%, CASA at 38% and Liquidity Coverage Ratio at 118%?underscore the strength of the operating performance of the Bank and adequacy?of capital.

Net Interest Income (NII) grew by 15% YoY to Rs 5,376 crores from Rs 4,669 crores.

The Bank’s financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.

Net Interest Income for the quarter ended March 31, 2024, at Rs 5,376 crores, grew by 15% YoY and 2% QoQ. Net Interest Margin for Q4 of FY24 stood at 4.26% against 4.28% for Q4 of FY23 and 4.29% for Q3 of FY24.

Net Profit for the quarter ended March 31, 2024, was Rs 2,349 crores as compared to ?2,043 crores during the corresponding quarter of the previous year up by 15% YoY.

Deposits as of March 31, 2024, were Rs 3,84,586 crores as against Rs 3,36,120 crores, an increase of 14% over March 31, 2023. CASA deposits increased to Rs 1,45,666 crores with Current Account deposits at Rs 46,989 crores and Savings Account deposits at Rs 98,676 crores. CASA deposits comprised 38% of total deposits as of March 31, 2024.