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( As on 25/04/2024 19:40)

IndusInd Bank Q4 net profit up 15.01% at Rs 2346.84 cr

The bank reported standalone net profit of Rs 2,346.84 crore for the quarter ended March 31, 2024 as compared to Rs 2040.51 crore in the same period last year, registering a year-on-yearÿgrowthÿof 15.01 per cent.

Interest income of the bank rose by 21.73 per cent at Rs 12198.53 crore for the quarter ended March 31, 2024 as against Rs 10020.71 crore in the corresponding period last year.

During the January-March quarter, total income rose substantially by 20.77 per cent to Rs 14,699.01 crore from Rs 12,171.22 crore in the year ago period.

Meanwhile, operating expenses increased by 26.77 per cent to Rs 10,671.91 crore from Rs 8,418.45 crore in the same period last year.

Operating profit surged 7.31 per cent to Rs 4,027.10 crore from Rs. 3,752.77 crore.

Provisions and Contingencies slipped by 12.71 per cent at Rs 899.11 crore from Rs 1,030.05 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 15.14 per cent at Rs 5,376.44 crore versus Rs 4,669.46 crore in the year ago period. Non-interest income rose 16.27 per cent year-on-year to Rs 2,500.48 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 1.92 per cent of the gross advances as at the end of March 31, 2024 from a level of 1.98 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.57 per cent of net advances on March 31, 2024 from 0.59 per cent a year ago.