Quarter and Year Ended March 31, 2024 Key HighlightsConsolidated financial results Net Profit at ₹8,977 crores for the year ended March 31, 2024 up by 21% over the previous yearat₹7,443 crores.Net Interest Income (NII) grew by 15% YoY to ₹5,376crores from₹4,669croresNIM at 4.26% as compared to 4.28% for Q4FY23and 4.29% for Q3FY24Quarterly Net Profit grew by 15% YoY to ₹2,349crores from ₹2,043croresDeposits grew by 14% YoY to ₹3,84,586 crores from ₹3,36,120 croresBalance Sheet Footage crossed 5 trillion mark at ₹5,15,094 croresGross 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 at March31, 2024CRAR as onMarch31, 2024 at17.23%as compared to 17.86% on March 31, 2023Board recommends dividend of ₹16.50per share for FY 2023-24 as compared to ₹14.00 per share for FY 2022-23 |
365Telugu.com online news, April 25,2024:The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/ Year endedMarch31, 2024, at their meeting held in Mumbai onThursday, April25, 2024.
NIM at 4.26%,Net NPAat 0.57%, Provision Coverage Ratio at71%, CapitalAdequacy Ratio(CRAR) at17.23%,CASA at 38% and Liquidity Coverage Ratio at118% underscore the strength of operating performance of the Bank and adequacy of capital.
CONSOLIDATED FINANCIAL RESULTS
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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 andIndusInd Marketing and Financial Services Private Limited (IMFS),an associate of the Bank.
Profit & Loss Account for the Quarter ended March31, 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 23and 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.
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Operating expenses for the quarter ended March 31, 2024 were ₹3,803 crores as against ₹3,066crores for the corresponding quarter of previous year, increased by 24%.
Pre Provision Operating Profit (PPOP) at ₹4,082crores for the quarter ended March 31, 2024 registered a growth of 9% over the corresponding quarter of previous year at ₹3,758crores. PPOP/Average Advances ratio for the quarter ended March 31, 2024 at 5.10%.
Net Profit for the quarter ended March 31, 2024was₹2,349crores as compared to ₹2,043 croresduring corresponding quarter of previous year up by15% YoY.
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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 yearended March 31, 2024
Net Interest Income for the year ended March 31, 2024 increased to₹20,616 crores, up by 17% from ₹17,592crores previous year.
Fee income at ₹9,396 crores for the year ended March 31, 2024 over the previous year at₹8,173crores.
For the year ended March 31, 2024, the Bank earned Total Income (Interest Income and Fee Income) of ₹55,144 crores as compared to ₹44,541crores for the previous year.
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Operating expenses for the year ended March 31, 2024 were ₹14,148 croresas against ₹11,346crores for the previous year.
Pre Provision Operating Profit (PPOP) at 15,864crores for the year ended March 31, 2024 over the previous year at₹14,419crores.
Net Profit at ₹8,977 crores for the year ended March 31, 2024 up by 21% over the previous year at₹7,443crores.
Balance Sheet as of March 31, 2024
Balance sheet footage crosses 5 trillion mark as on March 31, 2024 wasat ₹5,15,094crores as against ₹4,57,837 crores as on March 31, 2023, marking growth of 13%.
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Deposits as on March 31, 2024 were ₹3,84,586crores as against ₹3,36,120crores, an increase of 14% over March 31, 2023. CASA deposits increased to ₹1,45,666 crores with Current Account deposits at ₹46,989crores and Savings Account deposits at ₹98,676 crores. CASA deposits comprised 38% of total deposits as at March 31, 2024.
Advances as of March31, 2024 were ₹3,43,298crores as against₹2,89,924crores, an increase of 18% over March 31, 2023.
ASSET QUALITY
The loan book quality remains stable. Gross NPAwere at 1.92% of gross advances as on March31, 2024 as against 1.98% as on December31,2023.Net NPA were 0.57% of net advances as on March 31, 2024 as compared to 0.59% as on December31, 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₹4,487crores for the corresponding quarter of previous year, reduced by 13% YoY. Total loan related provisions as on March 31, 2024were at₹7,210crores (2.1% of loan book).
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CAPITAL ADEQUACY
The Bank’s Total Capital Adequacy Ratio as per Basel III guidelines stands at 17.23% as on March 31, 2024, as compared to 17.86% as on March 31, 2023. Tier 1 CRAR was at15.82% as onMarch 31, 2024 compared to 16.37% as on March 31, 2023.Risk-Weighted Assets were at ₹3,83,660crores as against ₹ 3,37,036crores a year ago.
NETWORK
As of March 31, 2024, the Bank’s distribution network included 2984branches/ Banking outlets and 2956onsiteand offsite ATMs, as against 2606Branches/ Banking outletsand 2878onsite and offsite ATMs as of March 31, 2023.The client base stood at approx. 39million as on March31, 2024.
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Commenting on the performance, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “IndusInd Bank completed yet another year with robust financial performance. I am proud that the bank achieved two important milestones of completing 30 years of operations and balance sheet crossing ₹5,00,000 crores.
Financial Year 2023-24 saw a healthy loan growth of 18% supported by a deposit growth of 14%. The asset quality remains healthy with stable NNPAs of 0.57%. The bank delivered annual profit of ₹8,977 crores for the year growing 21% YoY.
As the Indian economy continues to be a bright spot amongst major economies, I am confident that the bank should continue to progress on its journey of Growth, Granularity and Governance.”
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