|
Indusind
Bank has reported 15% growth in net profit at Rs 2346.84 crore for the
quarter ended March 2024 (Q4FY2024). The bank has posted healthy 15% growth in
net interest income (NII), while the core fee income of the bank also improved
13% in Q4FY2024. The Net Interest Margin (NIM) of the bank was steady at 4.26%
in Q4FY2024 compared to 4.28% in the corresponding quarter of previous year.
On business front, the bank as has posted 16% growth in business
with strong 18% surge in loan book. The asset quality of the bank was stable in
Q4FY2024. Bank has raised the credit to deposit ratio to 89.2% at end March
2024 from 86.2% at end March 2023. The CASA ratio of the bank has declined to
37.9% at end March 2024 from 40.0% at end March 2023.
Asset quality stable: The bank has
maintained stable asset quality in Q4FY2024.
The fresh slippages of loans stood at Rs 1428 crore in Q4FY2024
compared with 1765 crore in previous quarter and Rs 1603 crore in the
corresponding quarter last year.
The recoveries of NPAs stood at Rs 171 crore, upgradations at Rs
257 crore and the write-off of loans was at Rs 502 crore in Q4FY2024. The sale
of assets to ARCs was at Rs 182 crore.
The standard restructured loan book of the bank stood at Rs 1373
crore end March 2024.
Provision coverage ratio was steady at 71.00% at end March 2024
compared to 71.00% a quarter ago and 71.00% a year ago.
The capital adequacy ratio of the bank stood at 17.2% with Tier I
ratio at 15.8% at end March 2024.
The risk weighted assets of the bank has increased 14% YoY to Rs
383660 crore end March 2024,
|
Asset Quality Indicators: Indusind Bank
|
|
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Mar-23
|
Variation
|
|
QoQ
|
YoY
|
|
Gross NPA (Rs Crore)
|
6693.38
|
6377.05
|
6164.22
|
5941.12
|
5826.27
|
5
|
15
|
|
Net NPA (Rs Crore)
|
1968.90
|
1875.18
|
1813.76
|
1746.93
|
1714.96
|
5
|
15
|
|
% Gross NPA
|
1.92
|
1.92
|
1.93
|
1.94
|
1.98
|
0
|
-6
|
|
% Net NPA
|
0.57
|
0.57
|
0.57
|
0.58
|
0.59
|
0
|
-2
|
|
% PCR
|
71.00
|
71.00
|
71.00
|
71.00
|
71.00
|
0
|
0
|
|
% CRAR - Basel III
|
17.23
|
17.86
|
18.21
|
18.40
|
17.86
|
-63
|
-63
|
|
% CRAR - Tier I - Basel III
|
15.82
|
16.47
|
16.75
|
16.89
|
16.37
|
-65
|
-55
|
|
Variation in basis points for figures given in percentages and
in % for figures in Rs crore
|
Business Highlights:
Healthy business growth: The business of
the bank has increased 16% YoY to Rs 728091 crore end March 2024, driven by 18%
surge in advances to Rs 343298 crore. Deposits rose 14% to Rs 384793 crore at
end March 2024.
CASA deposits ratio declines: The CASA
deposits of the bank increased 8% YoY to Rs 145665 crore at end March 2024. The
current account deposits fell 7% to Rs 46989 crore, while saving account
deposits increased 17% to Rs 98676 crore end March 2024. The CASA ratio
declined to 37.9% at end March 2024 compared to 40.0% at end March 2023, while eased
from 38.5% a quarter ago. The term deposits have increased 19% to Rs 239128
crore end March 2024.
Strong loan growth: Advances growth
was driven by retail loans rising 23% YoY to Rs 191245 crore at end March 2024,
while credit to MSME increased 14% to Rs 68026 crore at end March 2024. The
corporate credit has moved up 13% to Rs 84027 crore end March 2024.
Investment book of the bank increased 28% YoY to Rs 106527 crore at end March
2024.
Margins steady: The bank has
showed 67 bps YoY jump in cost of deposits to 6.48%, while yield on advances
increased 64 bps YoY to 12.66% in Q4FY2024. The NIM was nearly steady at 4.26%
in Q4FY2024.
Branch expansion: The bank has
added 256 branches and 17 ATMs in Q4FY2024, taking overall tally to 2984
branches and 2956 ATM`s end March 2024.
Book value of the bank stood at Rs
802.2 per share at end March 2024, while the adjusted book value (net of NNPA
and 10% of restructured advances) was Rs 775.1 per share at end March 2024.
Quarterly Performance
NII rises on stable NIMs and healthy loan growth: Bank has recorded 22% increase in the interest earned at Rs
12198.53 crore, while interest expenses increased 27% to Rs 6822.09 crore in
Q4FY2024. NII improved 15% to Rs 5376.44 crore in the quarter ended March 2024.
Healthy growth in the core fee income: Bank has posted healthy 13% growth in core fee income to Rs 2058
crore, while the treasury income jumped 221% to Rs 215 crore, supporting 16% rise
in the overall non-interest income to Rs 2500.48 crore in the quarter ended
March 2024. The forex income declined 13% to Rs 235 crore.
Expenses ratio rises: The operating
expenses of the bank increased 26% to Rs 3849.82 crore, as other expenses moved
up 26% to Rs 2800.71 crore, while employee expenses increased 25% to Rs 1049.11
crore in Q4FY2024. Cost to income ratio increased to 48.9% in Q4FY2024 compared
with 45.0% in Q4FY2023. The Operating Profit to rose 7% to Rs 4027.10 crore.
Provisions and contingencies decline: The bank has showed -13% decline in provisions to Rs 899.11 crore.
Effective tax rate
eased marginally to 25.0% in Q4FY2024 from 25.1%
in Q4FY2023. Net Profit rose by 15% YoY to Rs 2346.84 crore during quarter
ended March 2024.
Financial Performance FY2024:
Bank has posted 21% increase in net profit to Rs 8949.78 crore in
the year ended March 2024 (FY2024). The net interest income increased 17% to Rs
20615.91 crore, while non-interest income moved up 15% to Rs 9387.85 crore,
pushing up net total income by 16% to Rs 30003.76 crore in FY2024. The
operating expenses increased 25% to Rs 14263.49 crore, while provision and
contingencies dipped 15% to Rs 3798.74 crore, allowing profit before tax to
increase 21% to Rs 11941.53 crore in FY2024. The cost-to-income ratio rose to
47.5% in FY2024 compared to 44.3% in FY2023. An effective tax rate was steady
at 25.1% in FY2024 compared to 25.1% in FY2023. The net profit has increased
21% to Rs 8949.78 crore in FY2024.
|
Indusind
Bank: Results
|
|
Particulars
|
2403
(3)
|
2303
(3)
|
Var %
|
2403
(12)
|
2303
(12)
|
Var %
|
|
Interest Earned
|
12198.53
|
10020.71
|
22
|
45748.21
|
36367.91
|
26
|
|
Interest Expended
|
6822.09
|
5351.25
|
27
|
25132.30
|
18775.80
|
34
|
|
Net Interest Income
|
5376.44
|
4669.46
|
15
|
20615.91
|
17592.11
|
17
|
|
Other Income
|
2500.48
|
2150.51
|
16
|
9387.85
|
8166.37
|
15
|
|
Net Total Income
|
7876.92
|
6819.97
|
15
|
30003.76
|
25758.48
|
16
|
|
Operating Expenses
|
3849.82
|
3067.20
|
26
|
14263.49
|
11412.00
|
25
|
|
Operating Profits
|
4027.10
|
3752.77
|
7
|
15740.27
|
14346.48
|
10
|
|
Provisions & Contingencies
|
899.11
|
1030.05
|
-13
|
3798.74
|
4486.83
|
-15
|
|
Profit Before Tax
|
3127.99
|
2722.72
|
15
|
11941.53
|
9859.65
|
21
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
PBT after EO
|
3127.99
|
2722.72
|
15
|
11941.53
|
9859.65
|
21
|
|
Provision for tax
|
781.15
|
682.21
|
15
|
2991.75
|
2469.93
|
21
|
|
PAT
|
2346.84
|
2040.51
|
15
|
8949.78
|
7389.72
|
21
|
|
EPS*(Rs)
|
120.6
|
104.9
|
|
115.0
|
94.9
|
|
|
Adj BV (Rs)
|
775.1
|
674.8
|
|
775.1
|
674.8
|
|
|
*
Annualized on current equity of Rs 778.32 crore. Face Value: Rs 10, Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|