IndusInd Bank unveiled its financial results for the third quarter of the fiscal year 2023-24, reporting a robust net profit of Rs 2,301 crore. This marks a substantial 17.1 percent increase from the year-ago period, where the net profit stood at Rs 1,963.64 crore.
In terms of asset quality, the bank’s gross non-performing asset (NPA) recorded an improvement, standing at 1.92 percent for the quarter, down from the 2.06 percent reported in the same quarter last year. Meanwhile, the net NPA for the quarter demonstrated a positive trend, reaching 0.57 percent, compared to the 0.662 percent reported on a year-on-year basis.
IndusInd Bank’s net interest income for the third quarter experienced a noteworthy 15 percent rise, reaching Rs 5,296 crore. Additionally, other income during the same period increased by 15 percent year-on-year, reaching Rs 2,396 crore compared to Rs 2,076 crore in the corresponding quarter of the previous year.
Provisions (other than tax) and contingencies witnessed a 9 percent year-on-year decrease, reaching Rs 969 crore for the reporting period. This is compared to Rs 1,065 crore reported a year ago.
On the regulatory front, the bank reported a capital adequacy ratio of 17.86 percent, slightly declining from 18.21 percent in the previous quarter and 18.01 percent in the same quarter of the previous year under Basel III norms. The Common Equity Tier 1 (CET 1) ratio for the reporting period stood at 16.07 percent. The Provision Coverage Ratio remained consistent at 71 percent as of December 2023.
Following the announcement of its quarterly earnings, shares of IndusInd Bank closed 1.82 percent down at Rs 1,613.15 apiece on the BSE.