IndusInd Bank, a leading private sector lender, has delivered a strong financial performance in the third quarter of the fiscal year 2023-24. Revealing impressive figures, the bank announced a net profit of Rs 2,301 crore for the period, marking a substantial 17.1 percent surge compared to the corresponding period in the previous fiscal year when the net profit was Rs 1,963.64 crore.
A positive development was observed in the bank’s asset quality, as the gross non-performing asset (NPA) witnessed a decline from 2.06 percent in the same quarter last year to 1.92 percent. Similarly, the net NPA showed improvement, dropping from 0.662 percent to 0.57 percent on a year-on-year basis.
Despite the robust financial performance, IndusInd Bank’s shares experienced a slight setback post the earnings report, with a 1.82 percent decline. The shares closed at Rs 1,613.15 apiece on the Bombay Stock Exchange (BSE).
The Net Interest Income (NII) for the quarter ending December 31, 2023, reached Rs 5,296 crores, exhibiting an impressive 18 percent year-on-year growth and a 4 percent increase quarter-on-quarter. The Net Interest Margin (NIM) for Q3 FY24 stood at 4.29 percent, marginally higher than the figures reported in both Q3 FY23 and Q2 FY24.
Sumant Kathpalia, the Managing Director & CEO of IndusInd Bank, attributed the positive financial indicators to the thriving economic momentum in India. He underscored the country’s real GDP growth of 7.6 percent in Q2 and expressed confidence in the effectiveness of regulatory and fiscal policies in navigating global geopolitical uncertainties. Kathpalia emphasized the bank’s role in contributing to the overall healthy economic outlook.