IndusInd Bank Q4 results: Profit jumps 15% to Rs 2,349 cr, Rs 16.50 dividend announced

IndusInd Bank on Thursday said its consolidated profit jumped 14.96 per cent year-on-year (YoY) to Rs 2,349.15 crore for the March quarter compared with Rs 2,043.44 crore in the same quarter last year. Net interest income (NII) for the quarter came in at Rs 5,376 crore, up 15 per cent YoY and 2  per cent sequentially.

Net interest margin (NIM)  for the quarter fell marginally to 4.26 per cent against year-ago's 4.28 per cent and December quarter's 4.29 per cent. Other income stood at Rs 2,508 crore against Rs 2,154 crore, up 16 per cent YoY.

IndusInd Bank said its core fee grew 10 per cent YoY to Rs 2,293 crore compared with Rs 2,087 crore for the corresponding quarter of previous year. Operating expenses for the quarter stood at Rs 3,803 crore against Rs 3,066 crore for the corresponding quarter of previous year, up 24 per cent.

Pre provision operating profit (PPOP), IndusInd Bank said, came in at Rs 4,082 crore, up 9 per cent over the corresponding quarter of previous year at Rs 3,758 crore.

PPOP to average advances ratio for the quarter ended stood at 5.10 per cent. Gross NPA for the quarter came in at Rs 6,693.38 crore, up from Rs 6377.05 crore in the December quarter and 5826.27 crore in the same quarter last year. Gross NPA  percentage of advances stood at 1.92 per cent, the same as December quarter but lower than 1.98 per cent in the March quarter of 2023. 

IndusInd Bank dividend for FY24 IndusInd Bank said its board members recommended a dividend of Rs 16.50 per equity share of Rs10/- each fully paid up 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.

(More to come)