IndusInd Bank Q4 net rises 46 percent to Rs.2,043 crore; dividend at Rs.14 per share

Private sector lender IndusInd Bank reported a 46% rise in net profit for the quarter ended March 2023 at Rs 2043 crore; The bank’s net profit in the same quarter a year ago was Rs 1,401 crore.

The bank board, in a meeting earlier today, decided dividend of Rs 14 per share for FY23, as compared to Rs 8.50 per share for FY 2021-22, subject to approval of the shareholders at the Annual General Meeting.

The private lender’s NIM improved to 4.28 per cent in the March quarter, as compared to 4.20 per cent, in the same quarter a year ago, and 4.27 per cent in the previous quarter.

Interest income climbed 27% to Rs 10020.71 crore in the last quarter against Rs 7859.89 crore for the March 2022 quarter.

However, gross NPAs rose to 5,826.27 crore in Q4 against Rs 5517.15 crore in the March 2022 quarter. NPA improved to 1.98 per cent from 2.27 per cent YoY, while its net NPA improved to 0.59 per cent from 0.64 per cent. The lender’s PCR came at 71 per cent, as at March 31, 2023.

Net NPAs rose to Rs 1714.96 crore in Q4 against Rs 1529.83 crore in the corresponding quarter of the previous fiscal. Debt to equity ratoio improved to 0.73 in Q4 against 0.76 in the fourth quarter of the previous fiscal.

The bank’s deposits grew by 15 per cent YoY to Rs 3,36,120 crore from Rs 2,93,349 crores.

The bank held contingency provision of Rs 1,900 crore as on March 31, 2023. During the quarter and year ended March 31,2023, the bank allotted 4,80,154 shares and 12,32,035 shares respectively, pursuant to the exercise of stock options by certain employees.

Meanwhile, shares of IndusInd Bank fell 2.23% to Rs 1092.1 after the Q4 earnings announcements. It closed at Rs 1115.90 in the previous session on BSE.

The stock of the lender has lost 9.66% this year and risen 15% in the last one year. Total 2.55 lakh shares of the firm changed hands amounting to a turnover of Rs 28.48 crore on BSE. Market cap of the bank fell to Rs 85,437 crore.