IndusInd Bank Q2FY24 advances grow by 21% YoY; stock gains
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The net advances of IndusInd Bank jumped 21 percent YoY to Rs 3,14,928 crores in September 2023.
Shares of IndusInd Bank jumped nearly 1 percent in early trade on October 3 as the bank registered robust growth of 21 percent YoY in advances.
At 10:40 am the IndusInd Bank stock was trading 0.42 percent higher at Rs 1434.85 on NSE.
The net advances of IndusInd Bank jumped 21 percent YoY to Rs 3,14,928 crores in September 2023 from Rs 2,60,129 crores in September 2022. The deposits of the bank jumped 14 percent YoY to Rs 3,59, 819 crores from Rs 3,15,921 crores according to an exchange filing dated October 2, 2023.
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The private sector lender IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.
Total income for Q1FY24 rose by 28 percent on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 percent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal.
The bank’s gross non-performing asset (NPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. On the other hand, the net NPA of IndusInd Bank for the quarter stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.
In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 percent higher than Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 percent higher than the Rs 1,715 crore reported in the last quarter.
IndusInd Bank’s operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 percent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23. The lender’s capital adequacy ratio, as per the Basel III norms, came in at 18.04 percent in the first quarter, as compared to 17.86 percent in the fourth quarter of the last fiscal.
Stock Performance
IndusInd Bank stock has given a return of 32.52 percent over the last six months. During the same period, the Bank Nifty index has returned 9.24 percent.
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