19-Jan-2024
2 mins read
IndusInd Bank announced third quarter (October- December) results on January 18, 2024. It reported a Net profit of Rs 2,297.8 crore as compared to Rs 1,959.2 crore on a quarter-on-quarter basis. It is a rise of 17.2% on a standalone net profit.
For the last nine months period, IndusInd Bank’s combined net profit stood at Rs 6,628 crore. However, for the corresponding period last year, the Net profit stood at Rs 5,400 crore.
The company continues its growth in the December quarter in profits and improves asset quality and positive loan growth. The Bank showed a loan growth of 20% on a year-on-year basis, while deposits grew by 13% annually.
What the Management Says
IndusInd Bank Managing Director & CEO, Mr Sumit Kathpalia, said, “The Bank too continues to participate in the healthy economic outlook. The Bank’s loan book grew by 20 per cent YoY, driven by a robust retail segment growing 24 per cent on a YoY basis. The Bank remains on track in executing its strategy of delivering growth, granularity and governance.”
Top 3 Key Highlights From IndusInd Bank Q3 Result
- NII- the difference between interest earned and interest expended for the December quarter rose 17.8% to Rs 5.296 crore as compared to Rs 4,495 in the year-ago period.
- CASA deposit increased to Rs 1,41,924 crore. The current account deposit stood at Rs 50,044 crore, and the savings account deposit stood at Rs 91,880 crore. CASA deposits comprised 38% of total deposits in the quarter.
- The Bank’s gross NPA stands at Rs 6,377 crore, which is 1.92% of gross advances as of December 31, 2023. The Net NPA stood at Rs 1,875.2, which is 0.57% of net advances in the December quarter.