IndusInd Bank Q3 Earnings Beat Analysts’ Expectations, Net Profit at Rs 2,298 Crore; Other Income Rises 15% |Indus Bank Share

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IndusInd Bank’s Q3 2024 results exceed expectations with a 17% YoY rise in net profit at Rs 2,298 crore, showcasing robust financial performance  | IndusInd Bank Share |

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The below table shows the details of IndusInd Bank Q3:-

AspectQ3 2024 FiguresYoY Growth (%)Analyst Prediction
Net ProfitRs 2,298 crore17Rs 2,272 crore
Other IncomeRs 2,396 crore15
Provisions and ContingenciesRs 969 crore-9Rs 1,065 crore
Operating Profit (before provisions)Rs 4,042 crore10Rs 3,686 crore
Gross NPAs1.92%-0.142.06% (Dec 2022)
Net NPAs0.57%-0.050.62% (YoY)
Capital Adequacy Ratio (Basel III)17.8%-0.4118.21% (Preceding Q)
CET 1 Ratio16.07%
Provision Coverage Ratio71%
Net Interest Margin4.29%4.29% (Sep Quarter)

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IndusInd Bank reported robust financial results for Q3 2024. It surpasses the analyst expectations. The net profit saw a significant 17% year-on-year (YoY) growth, reaching Rs 2,298 crore, exceeding the estimated figure of Rs 2,272 crore. Other income of third quarter displayed a notable 15% YoY increase, which was around Rs 2,396 crore.

Provisions and contingencies decreased by 9% YoY to Rs 969 crore. The operating profit before provisions witnessed a substantial 10% YoY jump, reaching the price of Rs 4,042 crore in the third quarter.

On the asset quality front, both gross and net non-performing assets (NPAs) shows negative YoY. Gross NPAs was 1.92%, which is less to 2.06% in the December 2022 quarter, while net NPAs decreased to 0.57% from 0.62% a year ago.

IndusInd Bank’s capital adequacy ratio under Basel III norms was 17.8%, although it showed a slight decline from the preceding quarter. The Common Equity Tier 1 (CET 1) ratio for the reporting period was at 16.07%.

The Provision Coverage Ratio remained consistent at 71%, as of third quarter December 2023. The Net Interest Margin for the third quarter remained flat at 4.29% compared to the previous September quarter. Overall, the results showcase a positive performance and a healthy financial position for IndusInd Bank in Q3.

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