IndusInd Bank Q4 results, net profit up by 21 percent
Gross NPA and Net NPA ratios improved to 1.92% and 0.57% from 1.98% and 0.59% YoY respectively and PCR at 71% as of March 31, 2024, as per the provisional data.
The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/ Year ended March 31, 2024, at their meeting held in Mumbai on Thursday, April 25, 2024. The Net Profit stood at Rs 8,977 crores for the year ended March 31, 2024, up by 21% over the previous year at Rs 7,443 crores.
The NIM is standing at 4.26%, Net NPA at 0.57%, Provision Coverage Ratio at 71%, Capital Adequacy Ratio (CRAR) at 17.23%, CASA at 38% and Liquidity Coverage Ratio at 118%?underscore the strength of the operating performance of the Bank and adequacy?of capital.
Read Also : Indian Overseas Bank Reports 24.32% increase in Net Profit for Q2FY25Net Interest Income (NII) grew by 15% YoY to Rs 5,376 crores from Rs 4,669 crores.
The Bank’s financial results include the financial results 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 crores, grew by 15% YoY and 2% QoQ. Net Interest Margin for Q4 of FY24 stood at 4.26% against 4.28% for Q4 of FY23 and 4.29% for Q3 of FY24.
Read Also : Urgo Capital And United States International Development Finance Corporation (DFC)Net Profit for the quarter ended March 31, 2024, was Rs 2,349 crores as compared to ?2,043 crores during the corresponding quarter of the previous year up by 15% YoY.
Deposits as of March 31, 2024, were Rs 3,84,586 crores as against Rs 3,36,120 crores, an increase of 14% over March 31, 2023. CASA deposits increased to Rs 1,45,666 crores with Current Account deposits at Rs 46,989 crores and Savings Account deposits at Rs 98,676 crores. CASA deposits comprised 38% of total deposits as of March 31, 2024.
Read Also : Karur Vysya Bank announced its Q2 results todayNews Must Read
- TCIL celebrates 46th Foundation Day on 15th Oct 2024
- SECL Becomes First Coal Company to Open Four AMRIT Pharmacies
- RVNL wins contract for Nagpur Metro Phase-2 Project
- Ircon International shares gains 4% amid signing MoU with Patel Engineering
- RailTel shares surge 10% amid bagging Rs 79 crore order from MHADA
- Larsen & Toubro Wins Order for Agra Metro Network
- Noida airport completes calibration flight to test navigation system
- RBI imposes monetary penalty on SG Finserve limited
- RECPDCL Hands Over Rajasthan-IV H-1 Power Transmission Limited to PowerGrid
- PFC Consulting Limited Signs MoU with Central Electricity Authority