IndusInd Bank’s result update:
On Thursday, private sector lender IndusInd Bank reported a 15% year-on-year (y-o-y) increase, reaching Rs 2,349 crore in its consolidated net profit for the fourth quarter, supported by elevated core and other income growth.
The bank‘s gross non-performing asset (NPA) decreased to 1.92%, down from the 1.98% recorded in the same quarter last year. Conversely, the net NPA for the quarter improved to 0.57%, compared to 0.59% on a year-on-year basis.
Net interest income, representing the difference between interest earned and paid, saw a 15% increase to Rs 5,376 crore. The net interest margin of the lender stood at 4.26%, slightly lower than the 4.28% reported last year.
Sumant Kathpalia, MD & CEO of IndusInd Bank, stated, “We aim to expand our branch network from the current 2,800 to 3,500 within the next two years. Our operating expenses saw a rise in FY24, mainly due to the recruitment of approximately 11,000 employees during the fiscal year. Additionally, our total IT expenditure accounts for around 8-10% of our total cost to income.”
Operating expenses for the quarter ended March 31, 2024, increased by 24% to Rs 3,803 crore compared to Rs 3,066 crore for the corresponding quarter of the previous year.
