IndusInd Bank Reports Strong Q3 Results: Net Profit Surges by 17.2% to ₹2301.42 Crores

Mumbai , January 18, 2024: IndusInd Bank, a leading player in the private banking sector, has announced robust financial results for the third quarter of the fiscal year 2023-24. The bank's net profit witnessed a significant surge, rising by 17.2% to reach ₹2301.42 crores, compared to ₹1963.54 crores in the same quarter last year.

Key Financial Highlights:

1. **Net Interest Income (NII) Records Substantial Growth:** IndusInd Bank reported a Net Interest Income (NII) of ₹5296 crores, marking an impressive 18% increase from the previous year's ₹4495 crores.

2. **Asset Quality Improves:** The bank's Non-Performing Asset (NPA) ratio stood at 1.92%, showing improvement from the same quarter last year's 2.06%.

3. **Deposit Base Expands:** The total deposit amount increased by 13% on an annual basis, reaching ₹3,68,793 crores, with a 4% growth in Current Account Savings Account (CASA).

Operational Insights:

4. **Network Expansion:** As of December 31, 2023, IndusInd Bank's distribution network comprised 2728 branches/banking outlets and 2939 on-site and off-site ATMs, demonstrating a strategic focus on expanding its reach.

5. **Management Commentary:** Sumant Kathpalia, CEO of IndusInd Bank, expressed confidence in the bank's performance, emphasizing its role in contributing to the nation's economic growth. The bank's loan book witnessed a year-on-year growth of 20%, reflecting a strong retail segment.

6. **Steadfast Asset Quality Metrics:** The bank maintained stability in its asset quality metrics, with Gross NPA at 1.92% and Net NPA at 0.57%, highlighting prudent risk management.

Outlook and Future Plans:

7. **Economic Outlook:** The management acknowledged the positive economic indicators, with a real domestic product growth of 7.6% in the second quarter, contributing to the bank's continued growth.

8. **Strategic Focus:** IndusInd Bank remains committed to its strategy of promoting bank development, granularity, and governance, ensuring a strong position in the evolving financial landscape.

9. **Stock Performance:** Despite a 1.9% decline in banking stocks, IndusInd Bank's share price closed at ₹1613, showcasing resilience amidst market fluctuations.

IndusInd Bank's robust third-quarter performance reflects its commitment to financial stability, strategic expansion, and effective risk management, positioning it as a formidable player in the private banking sector. The positive financial results and future outlook indicate a promising trajectory for the bank in the coming quarters.

Note: All financial figures are reported in Indian Rupees (INR).