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IndusInd Bank Q4FY23 results: Net profit jumps 50% to Rs 2,040 crore

The bank's board of directors has also recommended a dividend of Rs 14 per equity share

indusind bank

BS Web Team New Delhi

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IndusInd Bank on Monday reported a 50 per cent jump in its standalone net profit to Rs 2,040 crore for the quarter ending March (Q4FY23). It was Rs 1,361 crore in the same quarter last year. The board of directors has also recommended a dividend of Rs 14 per equity share.

During the quarter ending March, the interest earned by the bank rose 17 per cent to Rs 4,669 crores. The net interest margin for Q4FY23 stood at 4.28 per cent against 4.20 per cent for Q4FY22 and 4.27 per cent for Q3FY23.

The company's gross bad loans as a percentage of total loans -- a measure of asset quality -- improved to 1.98 per cent at the end of March, from 2.06 per cent at the end of December. Its net non-performing assets (NPA) ratio also fell to 0.59 per cent from 0.62 per cent.

For the year ending March 2023, the bank's net interest income increased to Rs 17,592 crore, up 17 per cent from Rs 15,001 crore previous year.

The fee income also rose to at Rs 8,173 crore as compared to previous year at Rs 7,345 crore.

For the year ended March 31, 2023, the bank earned total income (Interest Income and Fee Income) of Rs 4,541 crore as compared to Rs 38,167 crore for the previous year.

Operating expenses for the full financial year ended March 31 were Rs 11,346 crore as against  Rs 9,311 crore for the previous year.

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First Published: Apr 24 2023 | 3:22 PM IST

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