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IndusInd Bank announced Q3FY24 results:
Financial Performance Highlights:
- Net Interest Income (NII): Increased by 18% year-over-year (YoY) to Rs 5,296 crore.
- Net Interest Margin (NIM): Remained stable at 4.29% compared to Q3FY23 and Q2FY24.
- Net Profit: Grew by 17% YoY to Rs 2,301 crore.
- Deposits: Saw a 13% increase YoY to Rs 3,68,793 crore.
- CASA Ratio: Grew by 4% YoY.
- Gross NPA and Net NPA Ratios: Improved to 1.92% and 0.57% from YoY, respectively.
- Provision Coverage Ratio (PCR): Held steady at 71%.
- Net Worth: Increased to Rs 58,841 crore in Q3FY24 from Rs 50,686 crore in Q3FY23.
- Capital Adequacy Ratio (CRAR): Reported at 17.86%.
Asset and Liability Growth:
- Deposits: Grew by 13% to Rs 3,68,793 crore, with CASA deposits comprising 38%.
- Advances: Increased by 20% to Rs 3,27,057 crore.
Asset Quality:
- Gross Non-Performing Assets (NPA): Slightly down to 1.92%.
- Net Non-Performing Assets (NPA): Unchanged at 0.57%.
- Provisions and Contingencies: Were Rs 969 crore, reduced by 9% YoY.
Bank Network and Growth:
- Branches and ATMs: The network included 2,728 branches/banking outlets and 2,939 ATMs.
- Customer Base: Reached 38 million as of December 31, 2023.
Commenting on the performance, Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said, “Indian economy continues to show robust momentum delivering real GDP growth of 7.6% in Q2. The regulatory and fiscal policies have been effectively mitigating geo-political uncertainties in the global economy. IndusInd Bank too continues to participate in the healthy economic outlook. The Bank’s loan book grew by 20% YoY driven by a robust retail segment growing 24% YoY. The asset quality metrics remained stable with GNPA at 1.92% and NNPA at 0.57%. The Profit After Tax was at Rs 2,301 crore growing 17% YoY and 5% QoQ. The Bank has healthy capital adequacy with CRAR at 17.86% as of Dec 2023. The Bank remains on track in executing its strategy of delivering Growth, Granularity and Governance."
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