Tuesday, February 27, 2024

IndusInd Bank Q3 Results: IndusInd Bank’s net profit YoY increased by 17% to Rs 2,298 crore, NII also increased by 15%

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IndusInd Bank Q3FY24 Results: IndusInd Bank has announced its December quarter results. This private sector bank has declared better than expected results during the third quarter of the financial year 2024-24. During the three months ending December 31, 2023, the net profit of IndusInd Bank increased by 17 percent on an annual basis (YoY) to Rs 2,298 crore. During this period, the net interest income (NII) of the bank also increased by 15 percent on annual basis to Rs 5,296 crore. During the third quarter, the gross NPA of the bank was 1.92 percent and the net NPA was 0.57 percent.

Net profit was slightly better than expected

IndusInd Bank announced its quarterly results on Thursday, according to which the standalone net profit of the bank increased by 17.3 percent to Rs 2,298 crore in the quarter ended December. It was Rs 1,959 crore in the same period a year ago. The bank’s net profit during the third quarter was slightly better than analysts’ expectations. According to LSEG (London Stock Exchange Group) data, analysts had expected a profit of Rs 2,278 crore. The bank’s net interest income (NII) increased by 15 percent to Rs 5,296 crore in the third quarter. During the third quarter, other income of the bank increased by 15 percent year-on-year to Rs 2,396 crore. In comparison, the other income of the bank during the same quarter last year was Rs 2,076 crore.

Operating profit increased by 10%

During the same period, the bank’s provisioning and contingencies other than tax declined by 9 percent on an annual basis to Rs 969 crore. A year ago this amount was Rs 1,065 crore. During the third quarter, the operating profit of the bank increased by almost 10 percent year-on-year to Rs 4,042 crore, which was Rs 3,686 crore during the same quarter last year.

Slight improvement in NPA

On the asset quality front, gross non-performing assets (NPAs) declined to 1.92 per cent in the third quarter. In comparison, it was 2.06 percent in the quarter ending December 2022 and 1.93 percent in the quarter ending September 2023. That is, the performance of the bank in gross NPA has improved somewhat on both annual and sequential basis. The bank’s net NPA also declined to 0.57 percent in the December quarter, which was 0.62 percent in the same quarter a year ago. According to Base-3 rules, the Capital Adequacy Ratio (CAR) of the bank was 17.86 percent in the December quarter, which was 18.21 percent in the previous quarter and 18.01 percent in the same quarter last year.

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