MUMBAI: Fifth-largest private sector lender Indusind Bank on Thursday reported a 15% year-on-year growth in net profit at Rs 2,349 crore in the March quarter, helped by stable margins and other income coupled with more loan sales and better asset quality.
The Hinduja group-promoted bank said the key profitability metric net interest income also grew 15% YoY to Rs 5,376 crore but was almost muted sequentially, inching up 2%. Net interest margin came in at 4.26% against 4.28% YoY and from 4.29% in Q3FY24.
For the full fiscal, the bank earned Rs 8,977 crore in net income on a consolidated level, up by 21% over the previous year when it was Rs 7,443 crore. Helping the bottom line was better yield on assets which improved to 9.85% from 9.20% while the cost of funds rose to 5.59% as against 4.92%. Other income came in at Rs 2,508 crore for Q4FY24 as against Rs 2,154 crore for Q4FY23 of previous year, clipping at 16%.