Business EconomyPosted at: Apr 25 2024 6:53PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023-24 compared to Rs 2,043 crore in the same quarter in 2022-23.
While net profit for full year 2023-24 stood at Rs 8,977 crore for the year ended March 31, 2024 up by 21 percent over the previous year at Rs 7,443 crore, the company said in a release.
The Bank’s financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.
Net Interest Income for the quarter ended March 31, 2024 at Rs 5,376 crore, grew by 15 percent year-on-year and 2 percent on Quarter-on-Quarter basis.
Net Interest Income for the year ended March 31, 2024 increased to Rs 20,616 crores, up by 17 per cent from Rs 17,592 crores in previous year.
The Bank has said that the gross Non Performing Assets (NPA) and Net NPA ratios improved to 1.92 per cent and 0.57 percent from 1.98 per cent and 0.59 per cent YoY respectively.
Pre Provision Operating Profit (PPOP) at 15,864 crores for the year ended March 31, 2024 over the previous year at ₹14,419 crores.
The loan book quality remains stable. Gross NPA were at 1.92 percent of gross advances as on March 31, 2024 as against 1.98 per cent as on December 31, 2023. Net NPA were 0.57 per cent of net advances as on March 31, 2024 as compared to 0.59 per cent as on December 31, 2023, the bank said.
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