IndusInd Bank Q4 Results: PAT jumps 50% YoY to Rs 2,040 cr; dividend declared at Rs 14/Share
IndusInd Bank’s standalone net profit rose 50% to Rs 2,040 crore for the fourth quarter ended March. It was Rs 1,361 crore in the same period last year.
The profit beat the estimate of ET Now Poll, which expected the figure to be around Rs 2,000 crore
The board has also recommended a payment of dividend at Rs 14 per equity share for the financial year 2022-23.
The net interest income (NII) of the lender came in at Rs 4,669 crore for the quarter under review, which is up 17%, compared with Rs 3,985 crore in the corresponding quarter of last year.
Following the announcement of the results, the stock is trading flat in afternoon trade on Monday at Rs 1,117 on NSE.
The Mumbai-based lender’s provisions (other than tax and contingencies) fell as much as 29% during the March quarter to Rs 1,030 crore. The same stood at Rs 1,461 crore in the year-ago period.
The bank reported a strong quarter on the asset quality front with both gross non-performing assets (NPAs) and net NPAs on the downward trend.
Gross NPA ratio fell to 1.98% in the January-March period, compared with 2.27% in the year-ago quarter and 2.06% in the preceding December quarter.
Meanwhile, net NPAs too were down marginally to 0.59% as against 0.62% in the December quarter and 0.64% in the year-ago quarter.
The bank’s total income grew 16% year-on-year during the reporting quarter to 6,823 crore, while other incomes rose 13% year-on-year to Rs 2,514 crore. Meanwhile, fee income rose by 13% to Rs 2,514 crore over previous year period.
Operating profit for the March quarter stood at Rs 3,758 crore, up 11%, compared with Rs 3,379 crore in the same period last year.
The lender’s net interest margin (NIM) during the quarter stood at 4.28%, higher by 8 basis points On the business front, the company’s deposits were up 15% to Rs 3.36 lakh crore as of March 2023, up 15% over Rs 2.93 lakh crore at the end of March 2022.
The loan book during the quarter under review grew 21% to Rs 2.89 lakh crore as against Rs 2.39 lakh crore as of March 2022.
The provision coverage ratio (PCR) was consistent at 71% as of March 2023.
The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines stands at 17.86% as on March 2023, with tier-1 CRAR was at 16.37%.
By:ET
