IndusInd Bank Q4 Results FY2023, Net profit at Rs. 2043 crores, up by 46%
On 24th April, IndusInd Bank announced its results for the last quarter of FY2023.
IndusInd Bank Net Interest Income:
- The bank reported Net Interest Income at Rs. 4669 crores from Rs. 3985 crores in the corresponding quarter of the previous year, seeing a growth of 17% YoY.
- NIM improved to 4.28% as compared to 4.20% for Q4 FY22 and 4.27% for Q3 FY23
IndusInd Bank Net Profit:
-Net Profit for the quarter ended March 31, 2023, was Rs.2,043 crores as compared to Rs.1,401 crores during the corresponding quarter of the previous year up by 46% YoY.
- Pre Provision Operating Profit (PPOP) at Rs.3,758 crores for the quarter ended March 31, 2023, registered a growth of 11% over the corresponding quarter of the previous year at Rs.3,379 crores. PPOP/Average Advances ratio for the quarter ended March 31, 2023, at 5.60%.
- Fee income at Rs.8,173 crores for the year ended March 31, 2023, over the previous year at Rs.7,345 crores.
- For the year ended March 31, 2023, the Bank earned Total Income (Interest Income and Fee Income) of Rs.44,541 crores as compared to Rs.38,167 crores for the previous year.
- Operating expenses for the year ended March 31, 2023, were Rs.11,346 crores as against Rs.9,311 crores for the previous year.
- Pre Provision Operating Profit (PPOP) at Rs.14,419 crores for the year ended March 31, 2023, over the previous year at Rs.13,035 crores.
- Net Profit at Rs.7,443 crores for the year ended March 31, 2023, up by 55% over the previous year at Rs.4,805 crores
IndusInd Bank Loans and Deposits:
- The loan book quality remains stable. Gross NPA was at 1.98% of gross advances as on March 31, 2023, as against 2.06% as on December 31, 2022. Net NPA was 0.59% of net advances as on March 31, 2023, as compared to 0.62% as on December 31, 2022.
- Deposits as on March 31, 2023, were Rs.3,36,120 crores as against Rs.2,93,349 crores, an increase of 15% over March 31, 2022.
- CASA deposits increased to Rs.1,34,728 crores with Current Account deposits at Rs.50,600 crores and Savings Account deposits at Rs.84,128 crores. CASA deposits comprised 40% of total deposits as at March 31, 2023
- Advances as of March 31, 2023, were Rs.2,89,924 crores as against Rs.2,39,052 crores, an increase of 21% over March 31, 2022
- Balance sheet footage as on March 31, 2023, was Rs.4,57,837 crores as against Rs.4,01,967 crores as on March 31, 2022, marking a growth of 14%.
- The Provision Coverage Ratio was consistent at 71% as at March 31, 2023.
- Provisions and contingencies for the quarter ended March 31, 2023, were Rs.4,487 crores as compared to Rs.6,602 crores for the corresponding quarter of the previous year, reduced by 32% YoY.
- Total loan-related provisions as on March 31, 2023, were at Rs.7,324 crores (2.5% of loan book).
- The Bank’s Total Capital Adequacy Ratio as per Basel III guidelines stands at 17.86% as on March 31, 2023, as compared to 18.42% as on March 31, 2022.
- Tier 1 CRAR was at 16.37% as on March 31, 2023, compared to 16.80% as on March 31, 2022.
- Risk-Weighted Assets were at Rs.3,37,036 crores as against Rs. 2,95,131 crores a year ago.
- For the year ended March 31, 2023, the Board of Directors has recommended a dividend of Rs. 14.00 per share
- As of March 31, 2023, the Bank’s distribution network included 2606 branches/ Banking outlets and 2878 onsite and offsite ATMs, as against 2265 Branches/ Banking outlets and 2767 onsite and offsite ATMs as of March 31, 2022. The client base stood at 34 million as on March 31, 2023.
Commenting on the results, Mr. Sumant Kathpalia, Managing Director & CEO, of IndusInd Bank said: "Indian economy continues to be a bright spot in the otherwise weak global environment, supported by prudent monetary and fiscal policies. This was also reflected in the healthy momentum seen across the businesses of our Bank. The loan growth accelerated to 21% YoY and retail deposit growth was at 19% YoY. The Bank’s profitability metrics maintained an uptrend across Net Interest Margins, Return on Assets and Return on Equity. The quarterly Net Profit thus crossed Rs.2,000 crore mark for the first time at Rs.2,043 crores – up 4% QoQ and 46% YoY. The full-year profit was at Rs.7,443 crores – up 55% YoY and the Net Worth of the Bank is in excess of Rs 50,000 crores at Rs.52,848 crores. The GNPAs and NNPAs trended down to 1.98% and 0.59% respectively. The Bank also announced its next three-year strategy with Growth, Granularity, and Governance as key pillars to achieve higher market share with diversification in risk. With a stable macro-economic environment and recovery in key businesses, the bank is confident of achieving its growth ambitions."
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