IndusInd Bank Q3 Results: Net profit jumps 17% to Rs 2,301 crore, asset quality stays healthy

The bank's gross non-performing asset (NPA) stood at xx percent, down from XX percent recorded in the same quarter last year

Private sector lender IndusInd Bank on January 18 reported a net profit of Rs 2,301 crore for the October-December quarter of financial year (FY) 2023-24, clocking a 17.1 percent rise from Rs 1,963.64 crore in the yea-ago period.

The bank's gross non-performing asset (NPA) stood at 1.92 percent, down from 2.06 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.57 percent, improving from 0.662 percent on a year-on-year basis.

Following the earnings, shares of IndusInd Bank closed 1.82 percent down at Rs 1,613.15 apiece on BSE today.

Net Interest Income for the quarter ended December 31, 2023, at Rs 5,296 crores, grew by 18 percent YoY and 4 percent QoQ. Net Interest Margin for Q3 of FY24 stood at 4.29 percent as against 4.27 percent for Q3 of FY23 and 4.29 percent for Q2 of FY24.

Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said" Indian economy continues to show robust momentum delivering real GDP growth of 7.6 percent 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."
He further added that the bank’s loan book grew by 20 percent YoY driven by robust retail segment growing 24 percent YoY. The asset quality metrics remained stable with GNPA at 1.92 percent and NNPA at 0.57 percent. The Bank has healthy capital adequacy with CRAR at 17.86 percent as of Dec 2023. The Bank remains on track in executing its strategy of delivering Growth, Granularity and Governance."