IndusInd Bank continuously evaluating IT capability, says CEO

IndusInd Bank continuously evaluating it's IT capability, says CEO

IndusInd Bank is continuously evaluating its information technology (IT) capabilities, said Sumant Kathpalia, Managing Director and Chief Executive Officer (MD & CEO) at the private sector lender. "We have a board level IFSC committee that continuously evaluates our IT capabilities. There will be some gaps here and there," Kathpalia said at a post-results press conference.

The bank, Kathpalia said, spends around 8-10 percent of its total cost to income on IT.

Additionally, he said that every bank should evaluate their IT, know your customer (KYC), UI UX capabilities.

Q4 performance

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 percent jump as compared to Rs 2,043 crore clocked in the year-ago period. The net profit surpassed market estimates of Rs 2,261 crore.

The bank's net loans grew 18 percent, it had said in its quarterly update earlier this month, outpacing a 14 percent growth in deposits.

On April 25, IndusInd's shares closed 1.5 percent higher at Rs 1,496.85 apiece.

The bank's gross non-performing asset (NPA) stood at 1.92 percent, down from 1.98 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.57 percent, improving from 0.59 percent on a year-on-year basis.

On April 25, the bank also declared a dividend of Rs 16.50 per equity share.