IndusInd Bank Records 20% Rise In Advances For Q3 FY24

IndusInd Bank disclosed a 20 per cent surge in advances for the October-December quarter of the fiscal year 2023-2024. The bank's advances escalated from Rs 2.72 lakh crore to Rs 3.26 lakh crore, as stated in the recent business update shared on exchanges.

Simultaneously, the bank experienced a 13 per cent rise in deposits, reaching Rs 3.68 lakh crore by the end of the quarter, up from Rs 3.25 lakh crore the previous year.

However, the bank noted a decline in its current account and savings account (CASA) ratio, dropping to 38.5 per cent in the October-December quarter of FY24, down from 42 per cent in the same period the prior year.

On January 3, IndusInd Bank's shares closed at Rs 1,598 apiece on the BSE, marking a 1.42 per cent increase from the previous day's close.

Regarding the bank's Q2 results, it reported a net profit of Rs 2,202 crore for the July-September period of FY24, showcasing a 22 per cent rise from the preceding year. The net interest income (NII) stood at Rs 5,076 crore, reflecting an 18 per cent increase compared to the previous fiscal's corresponding quarter.

Notably, the bank witnessed an enhancement in its asset quality, with gross non-performing assets (NPAs) reducing to 1.93 per cent from 2.11 per cent in the previous year. The net NPA also improved to 0.57 per cent from 0.61 per cent. Additionally, the net interest margin (NIM) was reported at 4.29 per cent, higher than the 4.24 per cent recorded in the corresponding quarter of the previous year.