Indusind Bank rallies after Q4 PAT rises 55% YoY

2 May 2022 , 01:32 PM

The banks consolidated net profit for the quarter ended 31 March 2022 was Rs 1,401 crore as compared to Rs 926 core during corresponding quarter of previous year, up by 51% YoY.

The banks consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and Induslnd Marketing and Financial Services (IMFS), an associate of the bank.

Consolidated total income of the bank rose by 6.1% YoY to Rs 9,764.91 crore during the period under review.

Net interest income (NII) for the quarter ended 31 March 2022 at Rs 3,985 crore, grew by 13% YoY. Net interest margin (NIM) for Q4 FY 2022 stood at 4.20% against 4.13% in Q4 of FY 2021.

IndusInds operating profit before provisions and contingencies rose by 8.1% to Rs 3,381.40 crore in Q4 FY22 over Q4 FY21.

Profit before tax increased by 51.9% to Rs 1,917.88 crore in Q4 FY22 from Rs 1,262.98 crore in Q4 FY21.

Provision and contingencies declined by 21.6% to Rs 1,463.52 crore in Q4 March 2022 over Rs 1,865.69 crore in Q4 March 2021. Provision coverage ratio stood at 72% as on 31 March 2022.

On the asset quality front, the banks gross non-performing assets (NPAs) stood at Rs 5,517.15 crore as on 31 March 2022 as against Rs 5,779.27 crore as on 31 December 2021 and Rs 5,794.99 crore as on 31 March 2021.

The gross non-performing assets were at 2.27% of gross advances as on 31 March 2022 as against 2.48% as on 31 December 2021 and 2.48% as on 31 March 2021.

Net non-performing assets were 0.64% of net advances as on 31 March 2022 as compared to 0.71% on 31 December 2021 and 0.69% as on 31 March 2021.

IndusInd Bank reported 64% rise in consolidated net profit to Rs 4,805 crore on an 8% increase in total income to Rs 38,230 crore in FY22 over FY21.

Deposits as on March 31, 2022 were Rs 2,93,349 crore an increase of 15% as compared with Rs 2,55,870 crore as on 31 March 2021. CASA ratio improved to 43% as on 31 March 2022 as against 42% as on 31 March 2021.

Advances as of 31 March 2022 were Rs 2,39,052 crore as against Rs 2,12,596 crore as on 31 March 2021, an increase of 12% YoY.

The banks total capital adequacy ratio as per Basel III guidelines improved to 18.42% as on 31 March 2022, as compared to 17.38% as on 31 March 2021. Tier-1 CRAR was at 16.80% as on 31 March 2022 compared to 16.83% as on 31 March 2021.

Commenting on the performance, Sumant Kathpalia, managing director & CEO of Induslnd Bank said, The financial year 2021-22 saw considerable volatility with economic activity impacted by Covid second and third wave. The economy however showed strong resilience with activity levels now bouncing back to pre-Covid levels across various segments, supported by effective policy measures. The bank too saw improvement across disbursements, deposits and asset quality with receding Covid impact.

IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2022, the banks distribution network included 2,265 branches/banking outlets and 2,767 onsite and offsite ATMs.

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