IndusInd Bank's Q3 net profit jumps 17% to Rs. 2,300cr
IndusInd Bank reported a net profit of Rs. 2,301 crore for the October-December quarter of FY 2023-24. This is a 17.1% increase from Rs. 1,963.64 crore during the same period last year. The bank's gross non-performing asset (NPA) ratio also improved, dropping to 1.92% from 2.06% in the same quarter last year. This positive news highlights IndusInd Bank's ongoing efforts to bolster its financial position amidst market volatility.
Net Interest Income grew by 18% YoY
IndusInd's Net Interest Income for the quarter ended December 31, 2023 stood at Rs. 5,296 crore, which is up by 18% YoY. The bank's balance increased 10% YoY to Rs. 4.88 lakh crore in Q3. Deposits rose by 13% to Rs. 3.68 lakh crore, while advances surged by 20% to Rs. 3.27 lakh crore. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said the bank's loan book grew by 20% YoY thanks to robust retail segment growing 24% YoY.
'Fiscal policies have been effectively mitigating geo-political uncertainties'
"Indian economy continues to show robust momentum delivering real GDP growth of 7.6 percent in Q2," said Kathpalia. "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." IndusInd Bank's shares closed 1.82% lower at Rs. 1,613.15 each on BSE today.
