IndusInd Bank on Thursday reported its third quarter earnings for the financial year 2023-24. It posted profit during the quarter at Rs 2301.42 crore, up 17.2 per cent in comparison to Rs 1963.54 crore during the corresponding quarter of last year. The private lender recorded Net Interest Income (NII) at Rs 5296 crore, up 18 per cent YoY from Rs 4,495 crore the previous year.
The bank’s gross non-performing asset (NPA) stood at 1.92 per cent, down from 2.06 per cent recorded in the same quarter last year. On the other hand, net NPA for the quarter was at 0.57 per cent, improving from 0.62 per cent on a year-on-year basis. Meanwhile, NIM was 4.29 per cent as compared to 4.27 per cent for Q3FY23.
IndusInd Bank’s deposits grew by 13 per cent on-year to Rs 3,68,793 crore from Rs 3,25,278 crore and CASA grew by 4 per cent YoY.
Furthermore, in a regulatory filing, IndusInd Bank stated that yield on assets stood at 9.75 per cent for the quarter ended December 31, 2023 as against 8.99 per cent for the corresponding quarter of previous year. Cost of Fund, meanwhile, stands at 5.46 per cent as against 4.72 per cent for corresponding quarter of previous year.
Other income at Rs 2396 crore for the quarter ended December 31,2023 as against Rs 2077 crore for the corresponding quarter of previous year, grew by 15 per cent YoY. Core Fee grew by 12 per cent YoY to Rs 2165 crore as against Rs 1941 crore for the corresponding quarter of previous year. Operating expenses for the quarter ended December 31, 2023 were Rs 3,650 crore as against Rs 2,885 crore for the corresponding quarter of previous year, increased by 27 per cent.
IndusInd Bank’s balance sheet
Balance sheet footage as on December 31, 2023 was Rs 4,88,865 crore as against Rs 4,44,485 crore as on December 31, 2022, showing growth of 10 per cent. Deposits as on December 31, 2023 were Rs 3,68,793 crore as against Rs 3,25,278 crore, an increase of 13 per cent over December 31, 2022. CASA deposits increased to Rs 1,41,924 crore with Current Account deposits at Rs 50,044 crore and Savings Account deposits at Rs 91,880 crore. CASA deposits comprised 38 per cent of total deposits as at December 31, 2023. Advances as of December 31, 2023 were Rs 3,27,057 crore as against Rs 2,72,754 crore, an increase of 20 per cent over December 31, 2022.
IndusInd Bank’s network
As of December 31, 2023, the Bank’s distribution network included 2728 branches/ banking outlets and 2939 onsite and offsite ATMs, as against 2384 branches/ banking outlets and 2894 onsite and offsite ATMs as of December 31, 2022. The client base stood at 38 million as on December 31, 2023.
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “Indian economy continues to show robust momentum delivering real GDP growth of 7.6 per cent in Q2. The regulatory and fiscal policies have been effectively mitigating geo-political uncertainties in the global economy. IndusInd Bank too continues to participate in the healthy economic outlook. The Bank’s loan book grew by 20 per cent YoY driven by a robust retail segment growing 24 per cent YoY. The asset quality metrics remained stable with GNPA at 1.92 per cent and NNPA at 0.57 per cent. The Bank remains on track in executing its strategy of delivering Growth, Granularity and Governance.”