IndusInd net profit rises 46% to Rs 2,043 crore

Mumbai: IndusInd Bank has reported a net profit of Rs 2,043 crore for Q4FY23, a 46% increase compared to Rs 1,399 crore in the corresponding quarter of the previous year.

The bank plans to launch a new digital bank offering in the next two months as it continues expanding its branch network. Addressing newspersons, the bank’s MD & CEO Sumant Kathpalia said that through the new offering ‘Indie’, IndusInd Bank would generate a balance sheet of Rs 50,000 crore and 80 lakh customers in the next three years.

At the end of the quarter, the bank’s deposits stood at Rs 3,36,120 crore, an increase of 15% over March 31, 2022. Advances were Rs 2,89,924 crore, an increase of 21% over last year. The bank’s net interest margin improved to 4.28% from 4.2% last year. Asset quality also improved, with net NPA declining to 0.59%.

The bank’s promoters, the Hinduja Group, initiated the process of upping the stake in the bank to 26% from the present 15% two weeks ago, and a due diligence process will take up to 120 days, after which the process will move ahead. Kathpalia said that the bank would also grow its mortgage vertical.


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