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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.

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