IndusInd Bank Q3 Results: Net profit rises 17% YoY to Rs 2,298 crore; NII up 15%

Private lender IndusInd Bank on Thursday reported standalone net profit growth of 17% YoY at Rs 2,298 crore for the quarter ended December. It was Rs 1,959 crore in the year-ago period.

Net interest income for the third quarter rose 15% to Rs 5,296 crore.

The profit was slightly above analysts' expectations. An ET Now Poll predicted PAT figure to be around Rs 2,272 crore.


Other income during the third quarter increased 15% YoY to Rs 2,396 crore against Rs 2,076 crore in the corresponding quarter of the previous year.

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Provisions (other than tax) and contingencies fell 9% YoY to Rs 969 crore in the reporting period. The same stood at Rs 1,065 crore a year ago.

Operating profit (before provisions and contingencies) jumped nearly 10% YoY to Rs 4,042 crore in the third quarter against Rs 3,686 crore in the last year quarter.

On the asset quality front, gross non-performing assets (NPAs) declined to 1.92% in the said third quarter against 2.06% in the December 2022 quarter and 1.93% in the preceding September quarter.

Net NPAs, on the other hand, also fell to 0.57% from 0.62% a year ago.

The lender had a capital adequacy ratio of 17.86% as per Base III norms, down from 18.21% in the preceding quarter and 18.01% in the year-ago quarter. The CET 1 ratio in the reporting period was at 16.07%.

The Provision Coverage Ratio was consistent at 71%, as of December 2023. Net Interest Margin for the third quarter stood at 4.29%, flat compared with the preceding September quarter.

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The bank's balance rose 10% YoY to Rs 4.88 lakh crore in the December quarter. Deposits stood at Rs 3.68 lakh crore, showing an increase of 13%, while advances rose 20% to Rs 3.27 lakh crore.

On Thursday, IndusInd Bank's shares closed 1.7% lower at Rs 1,615.75 on NSE.

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