IndusInd Bank Announces Q3 Business Performance

Since its establishment, IndusInd Bank has grown to become one of the leading private sector banks in India, offering its customers a wide range of banking and financial services. The bank’s wide nationwide network of branches and ATMs makes it simple for customers to access its services. IndusInd Bank is well known for its innovative approach to banking, leveraging technology to provide seamless and efficient solutions to its customers. The bank has also been commended for its customer-centric approach, which places a strong emphasis on developing long-lasting relationships with its clients and getting to know their unique needs. IndusInd Bank offers a range of online banking services in addition to standard banking facilities, allowing customers to conveniently manage their money at any time and from any location.

IndusInd Bank Q3 business performance:

On October 4, 2024, IndusInd Bank published its business update for the quarter that ended on September 30, 2024. Net advances increased by 13% year over year (YoY) to Rs. 3.57 lakh crore from Rs. 3.15 lakh crore in the same quarter the previous year, according to the bank. Net advances on a quarter-over-quarter (QoQ) basis rose from Rs. 3.48 lakh crore in June 2024 by 3%. As of September 30, 2024, deposits had increased by 15% YoY to Rs. 4.13 lakh crore, up from Rs. 3.60 lakh crore during the same period the previous year. 

Deposits have increased by 4% QoQ, from Rs. 3.99 lakh crore in June 2024. Slightly down from 39.4% a year ago and 36.7% in the previous quarter, the bank’s CASA (Current Account Savings Account) ratio is now 35.9%. Retail and small business deposits both increased significantly despite the decline, reaching a total of Rs. 1.82 lakh crore as of September 30, 2024, from Rs. 1.74 lakh crore in June 2024.

CEO Sumant Kathpalia will hold the position until 2028:

Sumant Kathpalia has been reappointed as managing director and chief executive officer of IndusInd Bank for an additional three-year term, according to a separate development. The new term for Kathpalia will start on March 24, 2025, and run through March 23, 2028, provided the Reserve Bank of India (RBI) and the bank’s shareholders give their approval. He assumed the roles of CEO and MD in March 2020.

Stock price of IndusInd Bank Ltd. for today:

The stock of IndusInd Bank Ltd. is currently trading at Rs. 1,382.80, a slight decrease from its high intraday trading price of Rs. 1,394.05 per share. Given the strong quarter-over-quarter performance, it is likely that the stock will move higher intraday.

Conclusion: IndusInd Bank’s Q3 business performance is outstanding when compared to the same quarter last year. This indicates that the bank is moving in the right direction and is receiving positive feedback from customers, both in terms of loan recovery and rising deposit levels.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.