IndusInd Bank Q4 profit rises 15% to Rs 2,349 cr

New Delhi: IndusInd Bank on Thursday posted a 15 per cent rise in consolidated net profit at Rs 2,349 crore for the fourth quarter ended March 2024, helped by increase in interest income.

The lender had logged a profit of Rs 2,043 crore in the year-ago period.

Total income increased to Rs 14,707 crore during the quarter under review, as against Rs 12,174 crore in the same period last year, IndusInd Bank said in a regulatory filing.

The bank earned an interest income of Rs 12,199 crore during the quarter, as compared to Rs 10,020 crore in the same period a year ago.

The bank's board recommended a dividend of Rs 16.50 per equity share of Rs 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 per cent 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 per cent from 0.59 per cent at the end of fourth quarter of the previous fiscal.

As a result, provisions (other than tax) contingencies declined to Rs 950 crore, as compared to Rs 1,030 crore in the same quarter a year ago.

The Capital Adequacy Ratio came down to 17.23 per cent at the end of March 2024, as against 17.86 per cent a year ago.