The private lender's standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.
The banks financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and IndusInd Marketing and Financial Services (IMFS), an associate of the bank.
IndusInd Bank's consolidated net profit grew 14.96% to Rs 2,349.15 crore in the quarter ended 31 March 2024 as compared to Rs 2,043.44 core posted in Q4 FY23.
Consolidated total income climbed by 20.8% year on year (YoY) to Rs 14,706.66 crore during the period under review.
Net interest income (NII) improved to Rs 5,376 crore in Q4 FY24 (up 15% YoY and up 2% QoQ). Net interest margin (NIM) for Q4 FY24 stood at 4.26% against 4.28% for Q4 FY23 and 4.29% for Q3 FY24.
The bank's pre provision operating profit (PPOP) stood at Rs 4,082 crore for the March quarter, up 9% from Rs 3,758 crore reported in Q4 FY23. PPOP/average advances ratio for the quarter ended 31 March 2024 came in at 5.10%.
Operating expenses during the quarter was at Rs 3,803 crore, registering a growth of 24% YoY.
On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 6,693.38 crore as on 31 March 2024 as against Rs 6,377.05 crore as on 31 December 2023 and Rs 5,826.27 crore as on 31 March 2023.
The gross NPA were at 1.92% of gross advances as on 31 March 2024 as against 1.98% as on 31 March 2023.
The net NPA stood at 0.57% of net advances as on 31 March 2024 as compared to 0.59% as on 31 March 2023.
The provision coverage ratio was consistent at 71% as at 31 March 2024. Provisions and contingencies for the quarter ended 31 March 2024 were Rs 3,885 crore as compared to Rs 4,487 crore for the corresponding quarter of previous year, reduced by 13% YoY. Total loan related provisions as on 31 March 2024 were at Rs 7,210 crore (2.1% of loan book).
Deposits as on 31 March 2024 were Rs 3,84,586 crore as against Rs 3,36,120 crore, an increase of 14% YoY. CASA deposits increased to Rs 1,45,666 crore with current account deposits at Rs 46,989 crore and savings account deposits at Rs 98,676 crore. CASA deposits comprised 38% of total deposits as at 31 March 2024.
Advances as of March 2024 were Rs 3,43,298 crore as against Rs 2,89,924 crore, an increase of 18% over March 2023.
The banks total capital adequacy ratio as per Basel III guidelines stands at 17.23% as on 31 March 2024, as compared to 17.86% as on 31 March 2023. Tier 1 CRAR was at 15.82% as on 31 March 2024 compared to 16.37% as on 31 March 2023. Risk-weighted assets were at Rs 3,83,660 crore as against Rs 3,37,036 crore a year ago.
On full year basis, the companys consolidated net profit jumped 20.61% to Rs 8,977.30 crore on 23.81% increase in total income to Rs 55,143.98 crore in FY24 over FY23.
Sumant Kathpalia, managing director & CEO, IndusInd Bank said, IndusInd Bank completed yet another year with robust financial performance. 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 Rs 8,977 crore 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.
Meanwhile, the banks board has recommended a dividend of Rs 16.50 per equity share for FY24.
IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2024, the Banks distribution network included 2,984 branches/ Banking outlets and 2,956 onsite and offsite ATMs, as against 2,606 branches/ banking outlets and 2,878 onsite and offsite ATMs as of 31 March 2023. The client base stood at approximately 39 million as on 31 March 2024.
The scrip rose 1.46% to settle at Rs 1,496.15 on the BSE.
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