IndusInd Bank Q1 FY24 financial results show growth in profit and deposits

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IndusInd Bank Limited’s Board of Directors approved the Bank’s financial results for the quarter ending June 30, 2023, revealing a notable increase in net profit and balance sheet footage. This approval came during a meeting held in Mumbai on Tuesday, July 18, 2023.

The bank reported a net profit of ₹2,124 crores for the quarter ended June 30, 2023, a substantial rise of 30% compared to the same quarter of the previous year, which had a net profit of ₹1,631 crores. Moreover, the Pre Provision Operating Profit (PPOP) also saw growth, registering at ₹3,831 crores, a 12% increase over the previous year’s corresponding quarter.

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Net Interest Income for the period also grew, reaching ₹4,867 crores, marking an 18% year-on-year growth and a 4% quarter-on-quarter increase. This increase is reflected in the Net Interest Margin, which stood at 4.29%, an increase from 4.21% in Q1 FY23 and 4.28% in Q4 FY23.

IndusInd Bank records 30% year-on-year net profit increase in Q1 FY24

IndusInd Bank records 30% year-on-year net profit increase in Q1 FY24. Photo courtesy of Superfast1111/Wikimedia Commons.

In terms of assets and funds, the yield on assets for Q1 FY24 stood at 9.60%, a significant increase from the 8.35% yield during the same period in the previous year. Meanwhile, the cost of funds increased to 5.31% compared to 4.14% in the corresponding quarter of the previous year.

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Other income for Q1 FY24 also saw growth, amounting to ₹2,210 crores, which is a 14% YoY increase. Simultaneously, the bank’s balance sheet footage as of June 30, 2023, was ₹4,66,993 crores, showing a 14% growth from the same date the previous year.

The bank’s deposit base also expanded, with deposits reaching ₹3,47,047 crores as of June 30, 2023, which is a 15% increase over June 30, 2022. Notably, Current Account and Savings Account (CASA) deposits increased to ₹1,38,440 crores and made up 40% of total deposits as at the end of June 2023.

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Speaking on the financial performance, Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said: “The quarter witnessed economic activity in the country gaining momentum as is visible from various high-frequency indicators. India remains a bright spot and the relative attractiveness was reflected in healthy foreign investment inflows during the quarter…The Bank thus reported a healthy operating profit of ₹3,831 crores and net profit after tax of ₹2,124 crores growing 30% YoY. Overall, Q1 marks a healthy start to our PC-6 strategy and we remain committed to achieving our ambitions outlined in the plan.”

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