IndusInd Bank Q4 Results
IndusInd Bank Limited announces financial results for the quarter and year ended march 31, 2024.
Bengaluru, 25th April 2024: 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.
NIM 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 operating performance of the Bank and adequacy of capital.
CONSOLIDATED FINANCIAL RESULTS
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.
Profit & Loss Account for the Quarter ended March 31, 2024
Net Interest Income for the quarter ended March 31, 2024 at ₹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 FY 23 and 4.29% for Q3 of FY24.
Other income at ₹2,508 crores for the quarter ended March 31,2024 as against ₹2,154 crores for the corresponding quarter of previous year, grew by 16% YoY. Core Fee grew by 10% YoY to ₹2,293 crores as against ₹2,087 crores for the corresponding quarter of previous year.
Operating expenses for the quarter ended March 31, 2024 were ₹3,803 crores as against ₹3,066 crores for the corresponding quarter of previous year, increased by 24%.
Pre Provision Operating Profit (PPOP) at ₹4,082 crores for the quarter ended March 31, 2024 registered a growth of 9% over the corresponding quarter of previous year at ₹3,758 crores. PPOP/Average Advances ratio for the quarter ended March 31, 2024 at 5.10%.
Net Profit for the quarter ended March 31, 2024 was ₹2,349 crores as compared to ₹2,043 crores during corresponding quarter of previous year up by 15% YoY.
Yield on Assets stands at 9.85% for the quarter ended March 31, 2024 as against 9.20% for the corresponding quarter of previous year. Cost of Fund stands at 5.59% as against 4.92% for corresponding quarter of previous year.
Profit & Loss Account for year ended March 31, 2024
Net Interest Income for the year ended March 31, 2024 increased to ₹20,616 crores, up by 17% from ₹17,592 crores previous year.
Fee income at ₹9,396 crores for the year ended March 31, 2024 over the previous year at ₹8,173 crores.
For the year ended March 31, 2024, the Bank earned Total Income (Interest Income and Fee Income) of ₹55,144 crores as compared to ₹44,541 crores for the previous year.
Operating expenses for the year ended March 31, 2024 were ₹14,148 crores as against ₹11,346 crores for the previous year.
Pre Provision Operating Profit (PPOP) at 15,864 crores for the year ended March 31, 2024 over the previous year at ₹14,419 crores.
Net Profit at ₹8,977 crores for the year ended March 31, 2024 up by 21% over the previous year at ₹7,443 crores.
Balance Sheet as of March 31, 2024
Balance sheet footage crosses 5 trillion mark as on March 31, 2024 was at ₹5,15,094 crores as against ₹4,57,837 crores as on March 31, 2023, marking growth of 13%.
Deposits as on March 31, 2024 were ₹3,84,586 crores as against ₹3,36,120 crores, an increase of 14% over March 31, 2023. CASA deposits increased to ₹1,45,666 crores with Current Account deposits at ₹46,989 crores and Savings Account deposits at ₹98,676 crores. CASA deposits comprised 38% of total deposits as at March 31, 2024.
Advances as of March 31, 2024 were ₹3,43,298 crores as against ₹2,89,924 crores, an increase of 18% over March 31, 2023.
ASSET QUALITY
The loan book quality remains stable. Gross NPA were at 1.92% of gross advances as on
March 31, 2024 as against 1.98% as on December 31, 2023. Net NPA were 0.57% of net advances as on March 31, 2024 as compared to 0.59% as on December 31, 2023.
The Provision Coverage Ratio was consistent at 71% as at March 31, 2024. Provisions and contingencies for the quarter ended March 31, 2024 were ₹3,885 crores as compared to ₹4,487 crores for the corresponding quarter of previous year, reduced by 13% YoY. Total loan related provisions as on March 31, 2024 were at ₹7,210 crores (2.1% of loan book).
