IndusInd Bank Q4 results: Net profit rises 15% to ₹2,349 crore
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2 min read • Updated: April 25, 2024, 5:03 PM
Summary
IndusInd Bank's board recommended a dividend of ₹16.50 per equity share of ₹10 each fully paid up out of the net profits for the year ended March 31, 2024, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM).
IndusInd Bank on Thursday posted a 15% rise in consolidated net profit at ₹2,349 crore for the fourth quarter ended March 2024, helped by increase in interest income.
The lender had logged a profit of ₹2,043 crore in the year-ago period.
Total income increased to ₹14,707 crore during the quarter under review, as against ₹12,174 crore in the same period last year, IndusInd Bank said in a regulatory filing.
The bank earned an interest income of ₹12,199 crore during the quarter, as compared to ₹10,020 crore in the same period a year ago.
The bank's board recommended a dividend of ₹16.50 per equity share of ₹10 each fully paid up out of the net profits for the year ended March 31, 2024, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM).
On the asset quality front, the lender reported an improvement as gross non-performing assets (NPAs or bad loans) fell to 1.92% of gross advances as of March 2024, from 1.98 per cent by the year-ago period.
Likewise, net NPAs came down to 0.57% from 0.59% at the end of fourth quarter of the previous fiscal.
As a result, provisions (other than tax) contingencies declined to ₹950 crore, as compared to ₹1,030 crore in the same quarter a year ago.
The Capital Adequacy Ratio came down to 17.23% at the end of March 2024, as against 17.86% a year ago.
This is a PTI story