IndusInd Bank’s Q1 FY24 results impress with 30% PAT growth

Yesterday IndusInd Bank reported unaudited financial results for the quarter that ended on June 2023 or Q1FY24 after the market closer. On consolidated basis in comparison to the same quarter last year, the company’s net profit for the first quarter which ended on June 30, 2023, increased by 30.25% to Rs 2124.44 crore from Rs 1631.02 crore. In Q1FY24, the company’s interest earned has increased by 31.14% from Rs 8181.77 crore to Rs 10729.65 crore in the similar quarter the year prior. In Q1FY24, the company’s total net revenue increased by 27.94% from Rs 10113.29 crore to Rs 12939.47 crore in the similar quarter the year prior.      

Talking about sequentially the company’s net profit for the quarter which ended on June 30, 2023, increased by 3.97% from Rs 2043.36 crore. In Q1FY24, the company’s total net revenue increased by 6.29% from Rs 12174.31 crore in the similar quarter the year prior. 

Bank loan book stands at Rs 3,01,317 crores with 22% YoY growth and 4% QoQ growth on the other hand bank’s deposit stands at Rs 3,47,047 crores with 15% YoY growth and 3% QoQ growth. Banks CASA has seen growth of 6% YoY and 3% QoQ and stood at Rs 1,38,440 crores. Bank’s net NPA stands at 0.58% with decrease in 9 bps YOY and 1 bps QoQ.      

In the last trading session, the scrip closed at Rs 1390.30. Today it opened at Rs 1442 and touched a new 52 week high of Rs 1443.35. Currently it is trading at Rs 1422.80, up by 2.34%. Bank has market cap of around Rs 1,10,400 crore. Over the past one year bank has generated a staggering return of around 63.84%. 

IndusInd Bank is India’s 5th largest private bank. The Bank is publicly held and provides a wide range of banking products and financial services to corporate and retail clients besides undertaking treasury operations. The Bank operates in India including at the International Financial Service Centres in India. 

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