IndusInd Bank Q4 results: Steady on healthy loan growth, set profit up 15% at Rs 2,349 crore

IndusInd Bank recorded a 15 percent increase in consolidated net profit to Rs 2,349 crore for the fourth quarter ending March 2024, driven by growth in interest income. In the corresponding period of the previous year, the bank had reported a profit of Rs 2,043 crore.

According to a regulatory filing, the bank’s total income rose to Rs 14,707 crore during the reviewed quarter, up from Rs 12,174 crore in the same period last year. Interest income for the quarter stood at Rs 12,199 crore, compared to Rs 10,020 crore in the corresponding quarter of the previous year.

The bank’s board recommended a dividend of Rs 16.50 per fully paid-up equity share of Rs 10 each for the financial year ending March 31, 2024, subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Regarding asset quality, IndusInd Bank reported an improvement with gross non-performing assets (NPAs) reducing to 1.92 percent of gross advances as of March 2024, down from 1.98 percent a year ago. Similarly, net NPAs decreased to 0.57 percent from 0.59 percent in the fourth quarter of the previous fiscal year.

Consequently, provisions (excluding tax) for contingencies declined to Rs 950 crore from Rs 1,030 crore in the same quarter of the previous year. The Capital Adequacy Ratio stood at 17.23 percent at the end of March 2024, compared to 17.86 percent a year ago.

In summary, IndusInd Bank’s financial performance for the fourth quarter of March 2024 reflects notable growth in net profit and total income, driven primarily by increased interest income. The bank’s asset quality also showed improvement with a reduction in gross and net NPAs, while provisions for contingencies decreased. The board’s proposed dividend underscores the bank’s commitment to shareholder returns and highlights its financial strength and stability. These results position IndusInd Bank favorably in navigating evolving market conditions and sustaining growth momentum in the banking sector.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button