IndusInd Bank Q3 Net Profit Soars 17.1% to Rs 2,301 Crore; NPA Improves, Shares Close 1.82% Down

19 Jan 2024 , 11:09 AM

IndusInd Bank reported a net profit of Rs 2,301 crore for Q3 FY 2023-24, marking a 17.1% increase from the previous year’s Rs 1,963.64 crore.

The bank’s gross non-performing asset (NPA) decreased to 1.92% from the previous year’s 2.06%, while net NPA improved to 0.57% from 0.662% YoY. IndusInd Bank shares closed 1.82% lower at Rs 1,613.15 on BSE following the earnings announcement.

Net Interest Income for the quarter ending December 31, 2023, grew by 18% YoY and 4% QoQ, reaching Rs 5,296 crores. Net Interest Margin for Q3 FY24 stood at 4.29%, compared to 4.27% in Q3 FY23 and 4.29% in Q2 FY24.

Sumant Kathpalia, MD & CEO of IndusInd Bank, highlighted the Indian economy’s robust momentum, with real GDP growth at 7.6% in Q2. The bank’s loan book saw a 20% YoY growth, driven by a strong 24% YoY growth in the retail segment.

Asset quality metrics remained stable, with GNPA at 1.92% and NNPA at 0.57%. The bank reported a healthy capital adequacy with CRAR at 17.86% as of December 2023. Kathpalia emphasized that the bank remains on track to execute its strategy of delivering Growth, Granularity, and Governance.

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