IndusInd Bank posts Q4 2023 net income of INR20.43bn ($250m) up by 46% year-over-year and ahead of analyst forecasts.
Specifically, IndusInd Bank is boosted by strong loan growth and a drop in provisions for bad debts.
IndusInd Bank Q4 2023 highlights
- Net Interest Income (NII) rises by by 17% y-o-y to INR46.69bn;
- net interest margin improves to 4.28% in Q4 2023 ahead by 8 basis points from the year ago quarter
- deposits rise by 15% y-o-y in the fourth quarter;
- advanced rise by 21% y-o-y for the full fiscal
- low-cost CASA deposits comprise 40% of total deposits as of end March 2023;
- for the full fiscal net income rises by 55% to INR74.43bn.
- Gross NPA and Net NPA ratios improved to 1.98% and 0.59% from 2.27% and 0.64% y-o-y respectively and PCR at 71% as at end March, 2023
IndusInd Bank branch network grows to 2,606 outlets
Established in 1994, IndusInd Bank serves 34 million customers. In fiscal 2023, the IndusInd Bank branch network increased from 2,384 outlets to 2,606 branches.
Sumant Kathpalia, MD & CEO, said: “Indian economy continues to be a bright spot in the otherwise weak global environment. This is supported by prudent monetary and fiscal policies. This was also reflected in the healthy momentum seen across businesses of our bank. The loan growth accelerated to 21% y-o-y and retail deposit growth was at 19% y-o-y. The bank’s profitability metrics maintained uptrend across net interest margins, return on assets and return on equity. The quarterly net profit crossed INR20bn mark for the first time. The bank also announced its next three-year strategy with Growth, Granularity and Governance as key pillars to achieve higher market share with diversification in risk. With stable macro-economic environment and recovery in key businesses, the bank is confident of achieving its growth ambitions.”