Private lender IndusInd Bank recorded a net profit of Rs 2,301 crore for the October-December quarter of fiscal year (FY) 2023-24, up 17.1 per cent from Rs 1,963.64 crore in the previous year.
The bank’s gross non-performing assets (NPAs) were 1.92 per cent, down from 2.06 per cent in the same period previous year. In contrast, net NPA for the quarter was 0.57 per cent, up from 0.662 per cent the previous year.
Net interest income for the quarter ended December 31, 2023, at Rs 5,296 crores, increased by 18 per cent year on year and 4 per cent quarter on quarter. The net interest margin for the third quarter of fiscal year 24 was 4.29 per cent, compared to 4.27 per cent in the third quarter of fiscal year 23 and 4.29 per cent in the second quarter.
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.”
He also stated that the bank’s loan book increased by 20% year on year, owing to a strong retail segment that increased by 24% year on year. The asset quality parameters were unchanged, with GNPA at 1.92 percent and NNPA at 0.57 percent. The bank has a healthy capital adequacy ratio, with CRAR at 17.86 percent as of December 2023. The Bank is still on track to meet its growth, granularity, and governance objectives.
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