IndusInd Bank Q4 results: Net profit jumps 46%; lender declares Rs 14 dividend

Private sector lender IndusInd Bank reported a 46% rise in net profit for the quarter ended March 2023 at Rs 2043 crore against the net profit of Rs 1400 crore in the March quarter of last fiscal. Interest income climbed 27% to Rs 10020.71 crore in the last quarter against  Rs 7859.89 crore for the March 2022 quarter.    

However, gross NPAs  rose to 5,826.27 crore in Q4 against Rs 5517.15 crore in the March 2022 quarter. In terms of percentage,  gross NPAs stood at 1.98% in the last quarter against estimates of 1.94%.

The Board also recommended payment of dividend at the rate of Rs 14 per equity share of Rs 10/each of the Bank, for the financial Year 2022-23 (140%), subject to approval of the shareholders at the  Annual General Meeting.

Net NPAs rose to Rs 1714.96 crore in Q4 against Rs 1529.83 crore in the corresponding quarter of the previous fiscal. Debt to equity ratoio improved to 0.73 in Q4 against 0.76 in the fourth quarter of the previous fiscal.

The bank held contingency provision of Rs 1,900 crore as on March 31, 2023. During the quarter and year ended March 31,2023, the bank allotted 4,80,154 shares and 12,32,035 shares respectively, pursuant to the exercise of stock options by certain employees.

Meanwhile, shares of IndusInd Bank fell 2.23% to Rs 1092.1 after the Q4 earnings announcements. It closed at Rs 1115.90 in the previous session on BSE. The stock of the lender has lost 9.66% this year and risen 15% in the last one year. Total 2.55 lakh shares of the firm changed hands amounting to a turnover of Rs 28.48 crore on BSE. Market cap of the bank fell to Rs 85,437 crore.

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