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IndusInd Bank Q3 results: Profit jumps 58% to Rs 1,964 crore; NIM improves to 4.27%

IndusInd Bank Q3 results: Profit jumps 58% to Rs 1,964 crore; NIM improves to 4.27%

IndusInd Bank's net interest income (NII) for the quarter rose 18 per cent to Rs 4,495 crore from Rs 3,793 crore in the year-ago quarter. Asset quality improved, with gross NPAs coming in at 2.06 per cent from 2.11 per cent in September quarter.

 IndusInd Bank made provisions worth Rs 1,064.73 crore for the quarter against Rs 1,141.06 crore in September and Rs 1,654.20 crore in the same quarter last year. IndusInd Bank made provisions worth Rs 1,064.73 crore for the quarter against Rs 1,141.06 crore in September and Rs 1,654.20 crore in the same quarter last year.

IndusInd Bank on Wednesday reported a 58 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,964 for the December quarter crore compared with Rs 1,242 crore in the same quarter last year. Net interest income (NII) for the quarter rose 18 per cent to Rs 4,495 crore from Rs 3,793 crore in the year-ago quarter. Net interest margin (NIM) for the quarter improved to 4.27 per cent compared with 4.24 per cent in the September quarter and 4.10 per cent in the same quarter last year.

Asset quality improved, with gross non-performing assets as percentage of total advances coming in at 2.06 per cent compared with 2.11 per cent in September and 2.48 per cent in the year-ago quarter. Net NPA came in at 0.62 per cent, the company said in a BSE filing. The lender made provisions worth Rs 1,064.73 crore for the quarter against Rs 1,141.06 crore in September and Rs 1,654.20 crore in the same quarter last year.

IndusInd Bank said its pre provision operating profit stood at Rs 3,686 crore for the quarter, up 11 per cent over Rs 3,312 crore in the corresponding quarter of last year. Deposits for the quarter rose 14 per cent to Rs 3,25,278 crore from Rs 2,84,484 crore YoY.  CASA grew 14 per cent YoY, IndusInd Bank said.

Yield on assets stood at 8.99 per cent for the quarter against 8.36 per cent in the corresponding quarter of previous year. Cost of fund came in at 4.72 per cent against 4.26 per cent YoY.

Other income jumped 11 per cent YoY to Rs 2,077 crore compared with Rs 1,877 crore in the corresponding period of last year. Core fee income grew 28 per cent YoY to Rs 1,941 crore against Rs 1,519 crores in the corresponding quarter last year.

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Published on: Jan 18, 2023, 4:20 PM IST
Posted by: Tarab Zaidi, Jan 18, 2023, 4:16 PM IST