15% increase in profits to Rs 2,349 crore for Indusind Bank

Indusind Bank, the fifth-largest private sector lender, said on Thursday that its net profit for the March quarter increased by 15% year over year to Rs 2,349 crore. This gain was attributed to steady margins and other revenue as well as higher loan sales and improved asset quality.

Net interest income, the main profitability indicator, increased by 15% YoY to Rs 5,376 crore, according to the bank supported by the Hinduja group. However, this growth was essentially subdued sequentially, increasing by only 2%. The net interest margin was 4.26%, down from 4.29% in Q3FY24 and 4.28% YoY.

The bank’s consolidated net income for the whole fiscal year was Rs 8,977 crore, a 21% increase over the previous year’s Rs 7,443 crore. Better yield on assets, which increased to 9.85% from 9.20% and the cost of funds increased to 5.59% from 4.92%, helped the bottom line. In Q4FY24, other income was Rs 2,508 crore, down from Rs 2,154 crore in Q4FY23 of the previous year, or 16%.