IndusInd Bank Reports Strong 21% YoY Growth in Advances, Robust Q1FY24 Performance

4 Oct 2023 , 12:18 PM

IndusInd Bank’s shares surge by nearly 1% on October 3 due to a strong 21% YoY growth in advances. Net advances for September 2023 increase by 21% YoY to Rs 3,14,928 crores from Rs 2,60,129 crores in September 2022.

Deposits also show a strong growth of 14% YoY, reaching Rs 3,59,819 crores from Rs 3,15,921 crores as per the recent exchange filing on October 2, 2023. Q1FY24 reports a 33% YoY increase in net profit to Rs 2,124 crore, with a total income rise of 28% on-year to Rs 12,939 crore.

Gross non-performing asset (NPA) decreases to 1.94% from 2.35% YoY, while net NPA improves to 0.58% from 0.67% YoY. Operating profit stands at Rs 3,830 crore, a 13% increase on-year, with provisions for the quarter at Rs 992 crore.

Capital adequacy ratio under Basel III norms stands at 18.04% in Q1FY24, compared to 17.86% in Q4FY23.

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