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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.