IndusInd Bank reports strong financial performance for Q3 FY 2023-24
IndusInd Bank Limited has released its financial results for the quarter and nine months ended December 31, 2023, revealing a notable performance with substantial growth. The bank’s consolidated financial results demonstrate a robust increase in several key areas.
Key Financial Highlights
– Net Interest Income (NII) Growth: IndusInd Bank’s NII saw an 18% year-on-year increase, reaching ₹5,296 crores, up from ₹4,495 crores.
– Net Profit Increase: The bank’s net profit rose by 17% year-on-year to ₹2,301 crores, compared to ₹1,964 crores in the same period last year.
– Deposit and CASA Growth: Deposits grew by 13% year-on-year to ₹3,68,793 crores, with CASA growing by 4%.
– Improved Asset Quality: The Gross NPA and Net NPA ratios improved to 1.92% and 0.57% respectively, with a Provision Coverage Ratio (PCR) of 71% as of December 31, 2023.
– Capital Adequacy and Net Worth: The bank reported a Capital Adequacy Ratio (CRAR) of 17.86% and a net worth of ₹58,841 crores at Q3 FY24.
IndusInd Bank Net Profit Soars, Marking Significant Growth in Q3 FY 2023-24
Operational and Strategic Developments
The Board of Directors of IndusInd Bank Limited approved these results in a meeting held in Mumbai. The bank’s financial outcomes include the performance of its wholly-owned subsidiary, Bharat Financial Inclusion Limited (BFIL), and associate IndusInd Marketing and Financial Services Private Limited (IMFS).
Quarterly Performance Analysis
For the quarter ended December 31, 2023, the bank witnessed a Net Interest Margin (NIM) of 4.29% and a Net Non-Performing Assets (NNPA) ratio of 0.57%. Other income for the quarter grew by 15% year-on-year to ₹2,396 crores.
Nine-Month Performance Review
The nine-month performance for FY24 also reflected strong growth, with a Net Interest Income of ₹15,239 crores, an 18% increase from the previous year. Fee income and total income also showed significant growth during this period.
Asset Quality and Network Expansion
IndusInd Bank maintained stable loan book quality with a consistent Provision Coverage Ratio. As of December 31, 2023, the bank’s distribution network included 2728 branches and 2939 ATMs, serving a client base of 38 million.
Management’s Perspective
Sumant Kathpalia, Managing Director & CEO of IndusInd Bank, commented on the bank’s performance, highlighting its participation in India’s healthy economic outlook and robust loan book growth, particularly in the retail segment.
IndusInd Bank’s Continued Success
IndusInd Bank Limited’s financial results for Q3 FY 2023-24 underline its strong position in the Indian banking industry, with consistent growth in key financial metrics and a commitment to delivering value to its stakeholders. The bank’s focus on growth, asset quality, and customer-centric strategies continues to drive its success.