Private sector lender IndusInd Bank on Thursday reported a 15% year-on-year (YoY) jump in its March quarter net profit at Rs 2,347 crore, which was higher than the Street estimate of Rs 2,041 crore. Its net interest income or NII rose 13.9% to Rs 5,376 crore during the quarter.
While announcing its quarterly results, IndusInd also announced a dividend of Rs 16.5 per equity share.
The lender’s provisions were down 3.8% quarter-on-quarter (QoQ) to Rs 899 crore while its gross NPA and net NPA ratios improved to 1.92% and 0.57% from 1.98% and 0.59% YoY respectively and PCR at 71% in Q4.
Its net interest margin (NIM) stood at 4.26% compared to 4.28% for Q4 FY23 and 4.29% for Q3 FY24.
Pre Provision Operating Profit (PPOP) at Rs 4,082 crore for the quarter ended March registered a growth of 9% over the corresponding quarter of the previous year at Rs 3,758 crore. PPOP/Average Advances ratio for the quarter stood at 5.10%.
During the quarter, IndusInd’s deposits were Rs 3,84,586 crore against Rs 3,36,120 crore, an increase of 14% YoY. CASA deposits increased to Rs 1,45,666 crore with Current Account deposits at Rs 46,989 crore and Savings Account deposits at Rs 98,676 crore. CASA deposits comprised 38% of total deposits as of March-end.
The bank’s Total Capital Adequacy Ratio as per Basel III guidelines stood at 17.23% as of March-end compared to 17.86% in the previous quarter of the fiscal year. Tier 1 CRAR was 15.82% as of March 31, 2024, compared to 16.37% on March 31, 2023.
Risk-Weighted Assets were at Rs 3,83,660 crore against Rs 3,37,036 crore a year ago.
“I am proud that the bank achieved two important milestones of completing 30 years of operations and balance sheet crossing ₹5,00,000 crores. Financial Year 2023-24 saw a healthy loan growth of 18% supported by a deposit growth of 14%. The asset quality remains healthy with stable NNPAs of 0.57%. The bank delivered annual profit of Rs 8,977 crores for the year growing 21% YoY,” IndusInd Bank MD and CEO Sumant Kathpalia said.
Ahead of the earnings announcement, shares of the lender ended 1.5% higher at Rs 1495.95 on BSE.
