IndusInd Bank Q4 Results: PAT Soars 15% To Rs 2,349 Cr, NII Climbs 15%; 165% Dividend Declared

During their meeting on Thursday, April 25, 2024, in Mumbai, the Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter/Year ended March 31, 2024. Following this approval, the shares of the bank closed 1.46% higher at Rs 1496.15 apiece. The net profit for the quarter that ended on March 31, 2024, was Rs 2,349 crores, up 15% YoY from Rs 2,043 crores in the same period the previous year.

Net Interest Income climbed by 2% QoQ and 15% YoY to Rs 5,376 crores at the end of the quarter on March 31, 2024. In comparison to 4.28% in Q4 of FY23 and 4.29% in Q3 of FY24, the bank's Net Interest Margin for Q4 of FY24 was 4.26%.

For the year ending March 31, 2024, net interest income rose to Rs 20,616 crores, a 17% rise over the previous year's Rs 17,592 crores. For the year ending March 31, 2024, net profit was Rs 8,977 crores, up 21% from Rs 7,443 crores the year before.

Other income climbed by 16% YoY to Rs 2,508 crores for the quarter ended March 31, 2024, from Rs 2,154 crores for the same period the previous year. Operating expenses for the bank climbed by 24% to Rs 3,803 crores for the quarter ended March 31, 2024, from Rs 3,066 crores for the same period the previous year. The bank's total income (interest and fee income) for the year ending March 31, 2024, was Rs 55,144 crores, up from Rs 44,541 crores the year before.

The operating expenses were Rs 14,148 crores for the year that ended on March 31, 2024, compared to Rs 11,346 crores in FY23.

Balance sheet recording surpasses the 5 trillion mark as of March 31, 2024, with Rs 5,15,094 crores, up 13% from Rs 4,57,837 crores in the same period in 2023. Deposits climbed by 14% from March 31, 2023 to March 31, 2024, when they totalled Rs 3,84,586 crores compared to Rs 3,36,120 crore. With current account deposits at Rs 46,989 crore and savings account deposits at Rs 98,676 crore, CASA deposits climbed to Rs 1,45,666 crore. As of March 31, 2024, advances were up by 18% from Rs 2,89,924 crores to Rs 3,43,298 crores as of March 31, 2023.

The quality of the bank's loan portfolio is steady. As of March 31, 2024, gross non-performing assets (NPAs) were at 1.92% of gross advances compared to 1.98% on December 31, 2023. As of March 31, 2024, net non-performing assets (NPA) represented 0.57% of net advances as against 0.59% on December 31, 2023. As of March 31, 2024, the provision coverage ratio remained stable at 71%. For the quarter ending March 31, 2024, provisions and contingencies totalled Rs 3,885 crores, down 13% YoY from Rs 4,487 crores in the same period the previous year. As of March 31, 2024, the total value of loan-related provisions was Rs 7,210 crores.

Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, "IndusInd Bank completed yet another year with robust financial performance. I am proud that the bank achieved two important milestones of completing 30 years of operations and balance sheet crossing Rs 5,00,000 crores. Financial Year 2023-24 saw a healthy loan growth of 18% supported by a deposit growth of 14%. The asset quality remains healthy with stable NNPAs of 0.57%. The bank delivered annual profit of Rs 8,977 crores for the year growing 21% YoY. As the Indian economy continues to be a bright spot amongst major economies, I am confident that the bank should continue to progress on its journey of Growth, Granularity and Governance."

Compared to 2606 branches/banking outlets and 2878 onsite and offsite ATMs as of March 31, 2023, the bank's distribution network has 2984 branches/banking outlets and 2956 onsite and offsite ATMs as of March 31, 2024. The client base as of March 31, 2024, numbered around 39 million.

"We are pleased to inform that the Board of Directors, at its meeting held today, has recommended a dividend of Rs. 16.50 per equity share of Rs.10/- each fully paid up (i.e. 165 %) out of the net profits for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM") of the Bank," said IndusInd Bank in a regulatory statement.