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:-
| Aspect | Q3 2024 Figures | YoY Growth (%) | Analyst Prediction |
|---|---|---|---|
| Net Profit | Rs 2,298 crore | 17 | Rs 2,272 crore |
| Other Income | Rs 2,396 crore | 15 | – |
| Provisions and Contingencies | Rs 969 crore | -9 | Rs 1,065 crore |
| Operating Profit (before provisions) | Rs 4,042 crore | 10 | Rs 3,686 crore |
| Gross NPAs | 1.92% | -0.14 | 2.06% (Dec 2022) |
| Net NPAs | 0.57% | -0.05 | 0.62% (YoY) |
| Capital Adequacy Ratio (Basel III) | 17.8% | -0.41 | 18.21% (Preceding Q) |
| CET 1 Ratio | 16.07% | – | – |
| Provision Coverage Ratio | 71% | – | – |
| Net Interest Margin | 4.29% | – | 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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