Sun. Jun 16th, 2024
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

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.

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.

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.

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%.

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).

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.

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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