“IndusInd Bank’s Q4 Triumph: Profits Soar 15% to Rs 2,349 Cr, Accompanied by Rs 16.50 Dividend Announcement

IndusInd Bank reported a robust performance, with its consolidated profit surging by 14.96% to Rs 2,349.15 crore in the March quarter compared to the previous year. Net interest income (NII) saw a substantial increase of 15% YoY to Rs 5,376 crore, although net interest margin (NIM) experienced a slight decline to 4.26% from the previous year. Other income also exhibited a significant growth, standing at Rs 2,508 crore, up by 16% YoY. The bank noted a healthy expansion in its core fee, which grew by 10% YoY to Rs 2,293 crore. However, operating expenses saw a notable rise, reaching Rs 3,803 crore, up by 24% compared to the same quarter last year. Despite this, the pre-provision operating profit (PPOP) increased by 9% YoY to Rs 4,082 crore, reflecting a resilient operational performance.

In terms of asset quality, the gross non-performing assets (NPA) for the quarter rose to Rs 6,693.38 crore, compared to the previous quarters, yet the gross NPA percentage of advances remained stable at 1.92%. This demonstrates the bank’s effective management of its asset quality despite the challenging economic environment. Overall, IndusInd Bank maintained a steady trajectory of growth, driven by strong fundamentals, though it faced some challenges such as the slight dip in NIM and the increase in operating expenses. Nevertheless, with a solid core fee growth and resilient operational profit, the bank remains well-positioned to navigate through the evolving market conditions and sustain its growth momentum.

IndusInd Bank dividend for FY24
IndusInd Bank said its board members recommended a dividend of Rs 16.50 per equity share of Rs10/- each fully paid up out of the net profits for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Bank.