IndusInd Bank’s Q4 Profit Soars 46% In FY23
IndusInd Bank announced its financial results of the Bank for the Quarter ended 31 March, 2023. The bank’s Net Profit for the quarter was Rs 2,043 crore as compared to Rs 1,401 crore during corresponding quarter of previous year, up by a fantastic 46 per cent year-on-year (YoY).
Its Balance sheet footage as for the Q4 was Rs 4,57,837 crore as against Rs 4,01,967 crore as on 31 March, 2022, marking growth of 14 per cent. Deposits for Q4 FY23 were recorded at Rs 3,36,120 crore as against Rs 2,93,349 crore, an increase of 15 per cent over Q4 FY2022.
The bank’s CASA deposits increased to Rs 1,34,728 crore with Current Account deposits at Rs 50,600 crore and Savings Account deposits at Rs 84,128 crore. CASA deposits comprised 40 per cent of total deposits as at 31 March, 2023.
Meanwhile, IndusInd Bank’s Gross NPA were at 1.98 per cent of gross advances as on March 31, 2023 as against 2.06 per cent as on December 31, 2022. Net NPA were 0.59 per cent of net advances as on March 31, 2023 as compared to 0.62 per cent as on December 31, 2022.
The Bank’s Total Capital Adequacy Ratio as per Basel III guidelines stands at 17.86 per cent as on March 31, 2023, as compared to 18.42 per cent as on March 31, 2022. Tier 1 CRAR was at 16.37 per cent as on March 31, 2023 compared to 16.80 per cent as on March 31, 2022. Risk-Weighted Assets were at Rs 3,37,036 crore as against Rs 2,95,131 crore a year ago.
Commenting on the performance, Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said, “The full year profit was at Rs 7,443 crore – up 55 per cent YoY and Net Worth of the Bank is in excess of Rs 50,000 crore at Rs 52,848 crore. The GNPAs and NNPAs trended down to 1.98 per cent and 0.59 per cent 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 stable macro-economic environment and recovery in key businesses, the bank is confident of achieving its growth ambitions."
