Pune-based Indusind Bank's shares saw a positive move today as investors cheered the bank's latest results, wherein the bank's bottom line grew 50% YoY.
For the quarter that ended in March 2023, the total income of the bank improved to Rs 12,174 crores, growing 25% YoY as Net Interest Income i.e. interest earned less interest paid, grew 17% to Rs 4,669 crores. Profit for the quarter surged 46% to Rs 2,043.44 crores.
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For 12 months that ended on 31st March 2023, the Total Income of the bank saw a growth of 16.7% as the same came in at Rs 44,541 crores. Revenues from Treasury operations declined 11%, but the same from Wholesale and Retail banking improved by 42% and 16% respectively.
Net Interest Income, which is the core income for any bank, improved 17% YoY to Rs 17,592 crores as provisioning saw a massive decline of 32%. That resulted in a 55% YoY growth in profits as the same grew to Rs 7,443 crores from Rs 4,805 crores reported in the corresponding period last year.
Asset quality saw marginal improvement as Gross NPAs and Net NPAs stood at 1.98% and 0.59% respectively. Total deposits grew 15% to Rs 336,120 crores, 40% of which were CASA deposits.
Total Advances improved 21% to Rs 289,924 crores, while total loan-related provisions stood at Rs 7,324 crores or 2.5% of the loan book.
For FY23, the Board of the bank has recommended a dividend of Rs 140 or 140%, significantly higher than the 85% dividend declared previously. At the time of reporting, the stock of Indusind Bank traded around Rs 1,118.60 per share, up 1.5%.
- Aman Agarwal
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