Private lender IndusInd Bank on Thursday reported standalone net profit growth of 17% YoY at Rs 2,298 crore for the quarter ended December. It was Rs 1,959 crore in the year-ago period.
The profit was slightly above analysts' expectations. An ET Now Poll predicted PAT figure to be around Rs 2,272 crore.
Other income during the third quarter increased 15% YoY to Rs 2,396 crore against Rs 2,076 crore in the corresponding quarter of the previous year.
Provisions (other than tax) and contingencies fell 9% YoY to Rs 969 crore in the reporting period. The same stood at Rs 1,065 crore a year ago.
Operating profit (before provisions and contingencies) jumped nearly 10% YoY to Rs 4,042 crore in the third quarter against Rs 3,686 crore in the last year quarter.
On the asset quality front, gross non-performing assets (NPAs) declined to 1.92% in the said third quarter against 2.06% in the December 2022 quarter and 1.93% in the preceding September quarter.
Net NPAs, on the other hand, also fell to 0.57% from 0.62% a year ago.
The lender had a capital adequacy ratio of 17.86% as per Base III norms, down from 18.21% in the preceding quarter and 18.01% in the year-ago quarter. The CET 1 ratio in the reporting period was at 16.07%.
The Provision Coverage Ratio was consistent at 71%, as of December 2023. Net Interest Margin for the third quarter stood at 4.29%, flat compared with the preceding September quarter.
The bank's balance rose 10% YoY to Rs 4.88 lakh crore in the December quarter. Deposits stood at Rs 3.68 lakh crore, showing an increase of 13%, while advances rose 20% to Rs 3.27 lakh crore.
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