IndusInd Bank on Friday reported a consolidated profit after tax (PAT) of Rs 2,171 crore for the quarter ended June 30, 2024, which was up by 2% over Rs 2,124 crore reported by the lender in the year-ago period.
The net interest income (NII) grew by 11% YoY to Rs 5,408 crore from Rs 4,867 crore in the year-ago period.
The net interest margin (NIM) was stable at 4.25% in Q1 FY25 as against 4.29% in Q1 FY24 and 4.26% in Q4 FY24.
Gross non-performing assets (NPA) and Net NPA ratios stood at Rs 2.02% and 0.60%, respectively, up from 1.94% and 0.58% YoY, respectively while PCR was reported at 71% as of June 30, 2024.
Capital to risk-weighted asset ratio as of June 30, 2024, stood at 17.55% as compared to 18.40% of June 30, 2023.
Pre Provision Operating Profit (PPOP) stood at Rs 3,952 crore for the quarter ended June 2024, registering growth of 3% over the corresponding quarter of the previous year when it was Rs 3,831 crore. PPOP/average advances ratio for the reported quarter stood at 4.78%.
Balance Sheet
Balance sheet footage as of June 30, 2024, was Rs 5,30,165 crore as against Rs 4,66,993 crore as of June 30, 2023 — marking growth of 14%. The deposits as of June 30, 2024, were reported at Rs 3,98,513 crore as against Rs 3,47,047 crore — an increase of 15% over June 30, 2023.CASA deposits increased to Rs 1,46,134 crore with Current Account deposits reported at Rs 48,475 crore and Savings Account deposits at Rs 97,659 crore. CASA deposits comprised 37% of total deposits as of June 30, 2024.
Advances as of June 30 were Rs 3,47,898 crore as against Rs 3,01,317 crore — an increase of 15% as compared to June 30, 2023.
Network
As of June 30, the bank’s distribution network included 3,013 branches/banking outlets and 2,988 onsite and offsite ATMs, as against 2,606 branches/banking outlets and 2,875 onsite and offsite ATMs, as of June 30, 2023.
The client base stood at approximately 41 million as on June 30, 2024.
Sumant Kathpalia, IndusInd Bank’s Managing Director and CEO said the bank navigated external factors like heat wave and impact of general election on the rural segment, well, during the quarter and the underlying businesses were already coming back to normalcy. The bank focused on balanced growth between loans and deposits, both growing by 15% YoY, he added.
