Private sector lender IndusInd Bank on April 25 reported a net profit of Rs 2,349 crore for the January-March quarter of financial year (FY) 2023-24, which marks a 15% jump as compared to Rs 2,043 crore clocked in the year-ago period. The net profit, at Rs 2,349 crore, is beating the market estimates of Rs 2,261 crore.
The bank's net loans grew 18%, it had said in its quarterly update earlier this month, outpacing a 14% growth in deposits.
On April 25, IndusInd's shares closed 1.5% higher at Rs 1,496.85 apiece.
The bank's gross non-performing asset (NPA) stood at 1.92%, down from 1.98% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.57%, improving from 0.59% on a year-on-year basis.
On April 25, the bank declared a dividend of Rs 16.50 per equity share of Rs 10 face value.
Net interest income - the difference between interest earned and paid - rose 15% to Rs 5,376 crore. The net interest margin of the lender stood at 4.26 percent versus 4.28 percent last year.
Sumant Kathpalia, MD & CEO, IndusInd Bank said: "We are looking at growing our branches from the existing 2,800 to 3,500 in the next two years. Our operating expenses jumped in FY24 and we hired around 11,000 employees in FY24. Our total expense in IT is around 8-10% of our total cost to income."
Operating expenses for the quarter ended March 31, 2024 increased by 24% to Rs 3,803 crores as against Rs 3,066 crore for the corresponding quarter of previous year.
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