IndusInd Bank PAT Jumps 50% YoY To Rs 2,040 Cr

IndusInd Bank reported a 46 per cent increase in net profit for the quarter ending March 2023 to Rs 2043 crore from Rs 1400 crore in the corresponding quarter of the previous fiscal. Compared to the March 2022 quarter, interest income increased 27 per cent to Rs 10020.71 crore in the most recent quarter

Gross non-performing assets, however, increased to Rs 5,826.27 crore in Q4 from Rs 5517.15 crore in the March 2022 quarter. Gross NPAs were 1.98 per cent in the most recent quarter compared to estimates of 1.94 per cent in terms of percentage.

For the financial Year 2022–2023, the Board additionally suggested paying a dividend at a rate of Rs. 14 per equity share of Rs 10 per share of the Bank (140 per cent), subject to approval by the shareholders at the Annual General Meeting.

Net NPAs increased to Rs 1714.96 crore in the fourth quarter of the previous fiscal year compared to Rs 1529.83 crore in the same quarter. The debt to equity ratio improved from 0.76 in the fourth quarter of the previous fiscal year to 0.73 in Q4.

The bank had a contingency provision of Rs 1,900 crore as of March 31, 2023. Following the exercise of stock options by a few employees, the bank received 4,80,154 shares during the third quarter and 12,32,035 shares during the year that ended on March 31,2023.

After the Q4 earnings reports, shares of IndusInd Bank decreased 2.23 per cent to Rs 1092.1. On the BSE, it was closed at Rs 1115.90 the previous session. The lender's stock has fallen 9.66% this year and increased 15 per cent in the previous twelve months. At least 2.55 lakh shares of the business were traded in all, generating a BSE turnover of Rs 28.48 crore. .