The private lender's consolidated net profit stood grew 17.21% to Rs 2,301.49 crore in the quarter ended 31 December 2023 as compared to Rs 1,963.64 core posted in Q3 FY23.

Consolidated total income climbed by 21.11% year on year (YoY) to Rs 13,968.17 crore during the period under review.

Net interest income (NII) improved to Rs 5,296 crore in Q3 FY24 (up 18% YoY and up 4% QoQ). Net interest margin (NIM) for Q3 FY24 stood at 4.29% against 4.27% for Q3 FY23 and 4.29% for Q2 FY24.

The bank's pre provision operating profit (PPOP) was at Rs 4,042 crore for the quarter ended 31 December 2023, recording a growth of 10% from Rs 3,686 crore reported in the corresponding quarter previous year. PPOP/Average Advances ratio for the quarter stood at 3.41%.

Operating expenses during the quarter was at Rs 3,650 crore, up 27% from Rs 2,885 crore posted in Q3 FY23.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 6,377.05 crore as on 31 December 2023 as against Rs 6,614.22 crore as on 30 September 2023 and Rs 5,710.78 crore as on 31 December 2022.

The company said that the loan book quality remains stable. The gross NPA were at 1.92% of gross advances as on 31 December 2023 as against 1.93% on 30 September 2023 and 2.06% as on 31 December 2022.

The net NPA was at 0.57% of net advances as on 31 December 2023 as compared to 0.57% as on 30 September 2023 and 0.62% as on 31 December 2022.

The provision coverage ratio was consistent at 71% as at 31 December 2023. Provisions and contingencies for the quarter ended 30 September 2023 were Rs 969 crore as compared to Rs 1,065 crore for the corresponding quarter of previous year, reduced by 9% YoY. Total loan related provisions as on 31 December 2023 were at Rs 7,242 crore (2.2% of loan book).

Deposits as on 31 December 2023 were Rs 3,68,793 crore as against Rs 3,25,278 crore, an increase of 13% over 31 December 2022. CASA deposits increased to Rs 1,41,924 crore with current account deposits at Rs 55,044 crore and savings account deposits at Rs 91,880 crore. CASA deposits comprised 38% of total deposits as at 31 December 2023.

Advances as of September 30, 2023 were Rs 3,27,057 crore as against Rs 2,72,754 crore, an increase of 20% over 31 December 2022.

The bank's total capital adequacy ratio as per Basel III guidelines stands at 17.86% as on 31 December 2023, as compared to 18.01% as on 31 December 2022. Tier 1 CRAR was constant on YoY basis at 16.47% as on 31 December 2023. Risk-Weighted Assets were at Rs 3,70,412 crore as against Rs 3,22,484 crore a year ago.

Sumant Kathpalia, managing director & CEO, IndusInd Bank said, “Indian economy continues to show robust momentum delivering real GDP growth of 7.6% in Q2. The regulatory and fiscal policies have been effectively mitigating geo-political uncertainties in the global economy. IndusInd Bank too continues to participate in the healthy economic outlook. The bank’s loan book grew by 20% YoY driven by robust retail segment growing 24% YoY. The bank remains on track in executing its strategy of delivering growth, granularity and governance.”

IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2023, the bank's distribution network included 2,728 branches/ banking outlets and 2,939 onsite and offsite ATMs, as against 2,384 branches/ banking outlets and 2,894 onsite and offsite ATMs as of 31 December 2022. The client base stood at 38 million.

The scrip declined 1.82% to close at Rs 1,613.15 on the BSE.