IndusInd Bank announced robust financial performance for both the quarter and year ended March 31, 2024. The bank’s profit for Q4 FY24 grew 15% year-on-year (YoY) to ₹2,349 crore, driven by healthy growth in Net Interest Income (NII) and core fees.
Key Highlights:
- Profit: Net profit for Q4 FY24 at ₹2,349 crore, up 15% YoY. For FY24, net profit reached ₹8,977 crore, a 21% YoY increase.
- Net Interest Income (NII): NII for Q4 FY24 was ₹5,376 crore, a 15% YoY growth. For FY24, NII stood at ₹20,616 crore, up 17% YoY.
- Asset Quality: Gross NPA remained stable at 1.92% of gross advances, and Net NPA stood at 0.57% as of March 31, 2024. Provision Coverage Ratio was maintained at 71%.
- Capital Adequacy: The Bank’s Total Capital Adequacy Ratio (CRAR) remained strong at 17.23% as of March 31, 2024.
- Balance Sheet: The bank’s balance sheet crossed a significant milestone, reaching ₹5,15,094 crore as of March 31, 2024, signifying a 13% growth YoY.
- Deposits & Advances: Deposits grew 14% YoY to ₹3,84,586 crore, with CASA deposits comprising 38% of the total. Advances witnessed an 18% YoY growth, reaching ₹3,43,298 crore.
- Network Expansion: IndusInd Bank expanded its network to 2,984 branches/banking outlets and 2,956 ATMs as of March 31, 2024.
Commenting on the performance, Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “IndusInd Bank completed yet another year with robust financial performance… The bank delivered annual profit of ₹8,977 crores for the year growing 21% YoY. As the Indian economy continues to be a bright spot amongst major economies, I am confident that the bank should continue to progress on its journey of Growth, Granularity and Governance.”
