Private sector lender IndusInd Bank recorded a net profit of Rs 2,349 crore for the January-March quarter of fiscal year (FY) 2023-24, up 15 per cent from Rs 2,043 crore in the previous year. The net profit, at Rs 2,349 crore, exceeds the market forecast of Rs 2,261 crore.
In its quarterly statement earlier this month, the bank reported that net loans increased by 18 per cent, exceeding a 14 per cent increase in deposits.
On April 25, IndusInd shares closed 1.5 per cent higher at Rs 1,496.85 per.
The bank’s gross non-performing asset (NPA) ratio fell to 1.92 per cent from 1.98 per cent in the same period last year. In contrast, net NPA for the quarter was 0.57 per cent, up from 0.59 per cent the previous year.
Net interest income, or the difference between interest collected and paid, increased 15 per cent to Rs 5,376 crore. The lender’s net interest margin was 4.26 percent, compared to 4.28 percent the previous year.
Sumant Kathpalia, Managing Director & Chief Executive Officer, IndusInd Bank said: “We are looking at growing our branches from the existing 2,800 to 3,500 in the next two years. Our operating expenses jumped in FY24 and we hired around 11,000 employees in FY24. Our total expense in IT is around 8-10 per cent of our total cost to income.”
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Operating expenses for the quarter ended March 31, 2024 grew by 24 per cent to Rs 3,803 crores, compared to Rs 3,066 crore for the same quarter the previous year.
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