Monday, May 27 2024 | Time 05:03 Hrs(IST)
Business Economy

Indusind Bank net up 15 pc in Q4

Indusind Bank net up 15 pc in Q4

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported a 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023–24, compared to Rs 2,043 crore in the same quarter in 2022–23.

While net profit for the full year 2023–24 stood at Rs 8,977 crore for the year ended March 31, 2024, up by 21 percent over the previous year at Rs 7,443 crore, the company said in a release.

The bank’s financial results include those of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the bank involved in originating small-ticket MFI loans for the bank, and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the bank.

Net interest income for the quarter ended March 31, 2024, at Rs 5,376 crore, grew by 15 percent year-on-year and 2 percent on a quarter-on-quarter basis.

Net interest income for the year ended March 31, 2024, increased to Rs 20,616 crore, up by 17 percent from Rs 17,592 crore in the previous year.

The bank has said that the gross non-performing assets (NPA) and net NPA ratios improved to 1.92 percent and 0.57 percent, respectively, from 1.98 percent and 0.59 percent year over YoY respectively.

Pre Provision Operating Profit (PPOP) at 15,864 crores for the year ended March 31, 2024 over the previous year at ₹14,419 crores.

The loan book quality remains stable. Gross NPA was at 1.92 percent of gross advances as of March 31, 2024, as opposed to 1.98 percent as of December 31, 2023. Net NPA was 0.57 percent of net advances as of March 31, 2024, compared to 0.59 percent as of December 31, 2023, the bank said.


More News

Aurobindo Pharma Q4FY24 PAT up 79 8 pc

25 May 2024 | 11:45 PM

Hyderabad, May 25 (UNI) Hyderabad-based pharmaceutical major, Aurobindo Pharma, on Saturday reported a 79.8 per cent year-on-year (Y-o-Y) increase in consolidated profit-after-tax (PAT) for fourth quarter ended March 31, 2024, to Rs 920 crore, as against Rs 512 crore during corresponding period of previous fiscal year.

see more..

DVARA KGFS secures USD 10 mn in debt financing

25 May 2024 | 6:46 PM

Chennai, May 25 (UNI) Dvara Kshetriya Gramin Financials Pvt Ltd (Dvara KGFS), a financial services company dedicated to maximizing financial well-being in rural India, today, announced the successful debt raise of USD10 million to fuel the company's expansion plans and strengthen its efforts to empower underserved communities across the country.

see more..

Amulyam to open maiden flagship store in Hyderabad on May 27

25 May 2024 | 6:45 PM

Hyderabad, May 25 (UNI) Hyderabad-based Amulyam, a start-up co-founded by a couple to promote unique wedding gifts, and tableware, will formally open its maiden flagship store on Monday.

see more..

ZF CV Control systems, IIT-Madras signs MoU

25 May 2024 | 6:21 PM

Chennai, May 25 (UNI) ZF Commercial Vehicle Control Systems India
Limited signed a Memorandum of Understanding (MoU) with the Indian
Institute of Technology, Madras (IITM), focusing on the ‘Mobility and Intelligent
Transportation’ (MInT), which has an ambitious goal of building the Bharat
Multi-Modal Mobility Stack (BM 3 S).

see more..

Meghalaya to attract Rs 8000 crore private investment, says CM

25 May 2024 | 6:00 PM

Shillong, May 25 (UNI) Chief Minister Conrad Sangma has said that Meghalaya is projected to attract substantial private investment of Rs 8000 crore.

see more..