IndusInd Bank Net Interest Income Grows By 18% YoY To ₹5,296 Cr In Q3FY24

IndusInd Bank Net Interest Income Grows By 18% YoY To ₹5,296 Cr In Q3FY24

Operating expenses for the quarter ended December 31, 2023 were Rs 3,650 crores as against Rs 2,885 crores for the corresponding quarter of previous year, increased by 27 per cent.

FPJ Web DeskUpdated: Thursday, January 18, 2024, 05:25 PM IST
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IndusInd Bank Net Interest Income Grows By 18% YoY | Image: IndusInd Bank (Representative)

The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/ Nine Month ended December 31, 2023, at their meeting held in Mumbai on Thursday, the company announced through an exchange filing.

Consolidated financial Results

The Bank’s financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.

Profit and loss account

Net Interest Income for the quarter ended December 31, 2023 at Rs 5,296 crores, grew by 18 per cent YoY and 4 per cent QoQ. Net Interest Margin for Q3 of FY24 stood at 4.29 per cent as against 4.27 per cent for Q3 of FY 23 and 4.29 per cent for Q2 of FY24

Yield on Assets stands at 9.75 per cent for the quarter ended December 31, 2023 as against 8.99 per cent for the corresponding quarter of previous year. Cost of Fund stands at 5.46 per cent as against 4.72 per cent for corresponding quarter of previous year.

Other income at Rs 2,396 crores for the quarter ended December 31,2023 as against Rs 2,077 crores for the corresponding quarter of previous year, grew by 15 per cent YoY. Core Fee grew by 12 per cent YoY to Rs 2,165 crores as against Rs 1,941 crores for the corresponding quarter of previous year.

Operating expenses for the quarter ended December 31, 2023 were Rs 3,650 crores as against Rs 2,885 crores for the corresponding quarter of previous year, increased by 27 per cent.

Pre Provision Operating Profit (PPOP) at Rs 4,042 crores for the quarter ended December 31, 2023 registered a growth of 10 per cent over the corresponding quarter of previous year at Rs 3,686 crores. PPOP/Average Assets ratio for the quarter ended December 31, 2023 at 3.41 per cent. Net Profit for the quarter ended December 31, 2023 was Rs 2,301 crores as compared to Rs 1,964 crores during corresponding quarter of previous year up by 17 per cent YoY, said via regulatory filing.

Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said: “Indian economy continues to show robust momentum delivering real GDP growth of 7.6 per cent in Q2. The regulatory and fiscal policies have been effectively mitigating geo-political uncertainties in the global economy. IndusInd Bank too continues to participate in the healthy economic outlook. The Bank’s loan book grew by 20 per cent YoY driven by robust retail segment growing 24 per cent YoY. The asset quality metrics remained stable with GNPA at 1.92 per cent and NNPA at 0.57 per cent. The Profit After Tax was at Rs 2,301 crores growing 17 per cent YoY and 5 per cent QoQ.

IndusInd Bank Limited shares

The shares of IndusInd Bank Limited on Thursday at 3:30pm IST closed at Rs 1,615.75, down by 1.71 per cent.

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