IndusInd Bank, a private sector lender, reported a 46 per cent increase in net profit for the quarter ending March 2023, to Rs 2043 crore, up from Rs 1400 crore in the previous fiscal’s March quarter. Interest income increased by 27 per cent in the last quarter to Rs 10020.71 crore, compared to Rs 7859.89 crore in the March 2022 quarter.
Gross NPAs, on the other hand, increased to Rs 5,826.27 crore in Q4 from Rs 5517.15 crore in the March 2022 quarter. Gross NPAs stood at 1.98 per cent in the last quarter, compared to projections of 1.94 per cent.
The Board also suggested a dividend of Rs 14 per equity share of Rs 10/each of the Bank for the fiscal year 2022-23 (140 per cent), subject to shareholder approval at the Annual General Meeting.
Net NPAs increased to Rs 1714.96 crore in Q4 from Rs 1529.83 crore in the previous fiscal’s equivalent period. The debt-to-equity ratio improved to 0.73 in Q4 from 0.76 in the previous fiscal’s fourth quarter.
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As of March 31, 2023, the bank had a contingency provision of Rs 1,900 crore. Following the execution of stock options by selected employees, the bank allotted 4,80,154 shares and 12,32,035 shares during the quarter and year ended March 31,2023.
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