IndusInd Bank Q3 Results: Net Profit Falls 39% YoY To Rs 1,402 Cr; NII Dips 1.2% To Rs 5228 Cr

At its meeting on Friday, January 31, 2025, in Mumbai, IndusInd Bank Limited announced the financial results for the quarter/nine months ending December 31, 2024. In the third quarter of fiscal year 2025, the bank reported a net profit of Rs 1,402 crore, which was 39% less than the Rs 2,301 crore recorded in the same quarter the year before. At Rs 5228 crore, the net interest income (NII) was 1.2% less than the Rs 5,295 crore in the year-ago quarter.

In Q3 of FY25, the net interest margin was 3.93%, compared to 4.29% in Q3 of FY24 and 4.08% in Q2 of FY25. For the quarter that concluded on December 31, 2024, the yield on assets was 9.63%, compared to 9.75% for the same period the year before. Compared to Rs 2,396 crores for the same quarter last year, other income for the quarter ending December 31, 2024, was Rs 2,355 crores.

Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said: "The Indian macro indicators suggest stability in economic activity levels after the slowdown in Q2. This was also reflected in the sharp recovery in the retail disbursements of the Bank. Consequently, the Bank's loan book grew by 12% YoY. The Bank maintained momentum on retail deposits growing at 14% YoY overall deposits growing at 11% YoY. The operating profits and net profits were stable at Rs 3,601 crores (flat QoQ) and Rs 1402 crores (up 5% QoQ) respectively. The Bank remains watchful of asset quality trends in unsecured businesses and will calibrate growth accordingly. The Bank is well positioned to benefit from any fiscal and regulatory measures supporting rural as well as overall economic activity through its vehicle and microfinance businesses."

Operating expenses climbed by 9% to Rs 3,982 crores for the quarter that ended on December 31, 2024, from Rs 3,649 crores for the same period the year before. As of December 31, 2024, the balance sheet recordings were Rs 5,49,499 crores, up 12% from Rs 4,88,865 crores on December 31, 2023. As of December 31, 2024, deposits totalled Rs 4,09,438 crores, up 11% from Rs 3,68,793 crores in Q3FY24. With current account deposits of Rs 45,872 crores and savings account deposits of Rs 96,946 crores, CASA deposits total Rs 1,42,818 crores. As of December 31, 2024, CASA deposits accounted for 35% of total deposits.

As of December 31, 2024, advances were Rs 3,66,889 crores, up 12% from Rs 3,27,057 crores in the same period in 2023. As of December 31, 2024, the gross non-performing asset (NPA) was 2.25 percent of gross advances, compared to 2.11% on September 30, 2024. As of December 31, 2024, net non-performing assets accounted for 0.68% of net loans, down from 0.64% on September 30, 2024. As of December 31, 2024, the Provision Coverage Ratio remained stable at 70%. Compared to Rs 969 crores for the same quarter last year, provisions and contingencies (other than tax) were Rs 1,744 crores for the quarter that ended December 31, 2024.

Compared to 2728 branches/banking outlets and 2939 onsite and offsite ATMs as of December 31, 2023, the bank's distribution network as of December 31, 2024, encompassed 3063 branches/banking outlets and 2993 onsite and offsite ATMs. During the quarter under review, there were 42 million customers.