IndusInd Bank's March quarter profit up y-o-y by 15%

26 Apr 2024 , 11:02 AM

On Thursday, private sector lender IndusInd Bank reported a 15% year-on-year (YoY) increase in its March quarter net profit to ₹2,347 Crore This was above market expectation of ₹2,041 Crore. Its net interest income (NII) increased 13.9% to ₹5,376 Crore during the quarter.

While releasing its quarterly results, IndusInd also declared a dividend of ₹16.5 per equity share.

The lender's provisions fell 3.8% quarter on quarter (QoQ) to ₹899 Crore, while its gross NPA and net NPA ratios improved to 1.92% and 0.57% from 1.98% and 0.59% YoY, respectively, with PCR at 71% in Q4.

Its net interest margin (NIM) was 4.26%, compared to 4.28% in Q4 FY23 and 4.29% in Q3 FY24.

Pre Provision Operating Profit (PPOP) was ₹4,082 Crore for the quarter ended March, up 9% from ₹3,758 Crore in the same quarter last year. PPOP/Average Advances ratio for the quarter was 5.10%.

During the quarter, IndusInd's deposits were ₹3,84,586 Crore versus ₹3,36,120 Crore, a 14% rise year on year. CASA deposits rose to ₹1,45,666 Crore, including Current Account deposits of ₹46,989 Crore and Savings Account deposits of ₹98,676 Crore. CASA deposits accounted for 38% of total deposits at the end of March.

According to Basel III requirements, the bank's Total Capital Adequacy Ratio was 17.23% as of March 31, compared to 17.86% in the previous fiscal quarter. Tier 1 CRAR was 15.82% on March 31, 2024, compared to 16.37% on March 31, 2023.

At around 9.36 AM, IndusInd Bank was trading 0.12% higher at ₹1,497.90 per piece, against the previous close of ₹1,496.10 on NSE. The counter touched an intraday high and low of ₹1,519 and ₹1,488.60, respectively, so far.

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