On January 18, 2024, IndusInd Bank Limited (BSE, NSE: INDUSINDBK) announced its Q3 2023-24 results, registering YoY growth in Net Profit and Deposits, and the icing on the cake being the Bank’s worth recorded at an impressive ₹58,841 crore.
Table of Content
General Result Takeaways
Here are the overall (consolidated) highlights of Q3 results:
- In Q3, Net Interest Income (NII) rose by 18% YoY to ₹5,296 Cr from ₹4,495 Cr.
- NIM for Q3 FY24 was at 4.29% relative to 4.27% for Q3 FY23 and 4.29% for Q2 FY24.
- The Q3 Net Profit increased by 17% YoY to reach ₹2,301 Cr from ₹1,964 Cr.
- The Bank deposits rose by 13% YoY to ₹3,68,793 Cr in Q3 FY24, from ₹3,25,278 Cr in the same quarter of the previous fiscal year; CASA rose by 4% YoY.
- The Gross NPA and Net NPA ratios witnessed improvements to 1.92% and 0.57% from 2.06% and 0.62% YoY, respectively; PCR was clocked at 71% at the end of Q3 FY24.
- The Net Worth of the Bank reached ₹58,841 Cr in Q3 FY24 relative to ₹50,686 Cr in Q3 FY23.
- The CRAR was recorded at 17.86% at the end of Q3 FY24.
Additional Read: Q3 Results Dashboard
Q3 Result Details from the Management Commentary
The MD and CEO of IndusInd Bank Limited had some key details of the results to share and these are mentioned below:
- As the Indian economy continues to show resilient momentum with policies to mitigate macroeconomic headwinds, the Bank also remains committed to a healthy financial outlook.
- The loan book of the Bank grew by 20% YoY, led by the strong growth in the Retail segment marking 20% growth YoY.
- Asset quality parameters remained steady with GNPA at 1.92% and NNPA at 0.57%.
- The Profit After Tax (PAT) was at ₹2,301 Cr, growing 17% YoY and 5% QoQ.
- The Bank has a robust capital adequacy with CRAR registered at 17.86% as of the end of Q3 FY24.
- The Bank remains on the right track in the execution of its strategy to deliver “Growth, Granularity, and Governance”.
Financial Results at a Glance
Here is a glimpse of the consolidated financial results of Q3 (figures in ₹ Cr except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q2 FY 2023-24 | QoQ % Growth | Q3 FY 2022-23 | YoY % Growth |
| Operating Profit | 4,042 | 3,909 | 3% | 3,686 | 10% |
| Profit Before Tax (PBT) | 3,073 | 2,935 | 5% | 2,622 | 17% |
| Profit After Tax (PAT) | 2,301 | 2,202 | 5% | 1,964 | 17% |
Additional Check: IndusInd Bank Limited Share Price
Q3 FY24 Result Summary
IndusInd Bank Limited started its operations as far back as 1994. The Bank is responsible for catering to the requirements of corporate and retail clients, and does so with technology at the top of its operations. At the end of Q3 FY24, the Bank boasts 2728 branches and 2939 ATMs spread over the whole country. With global operations in Dubai, London, and Abu Dhabi, the Bank is responsible for its capabilities as a clearing house for the NSE and the BSE, major Indian stock exchanges.
With the release of its Q3 FY24 results, the Bank registered healthy economic growth in terms of its asset quality, profit, and loan book. The success of operations is reflected by its enormous client base which stood at 38 million at the end of Q3 FY24.
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Source: BSE – IndusInd Bank Press Release
https://www.indusind.com/content/dam/indusind-corporate/investors/QuarterFinancialResults/FY2023-2024/Quarter3/Unaudited-Financial-Results-IndusInd-BankQ3-FY24.pdf
