IndusInd Bank on Monday reported a 46 per cent rise in net profit for the fourth quarter ended March 31, boosted by higher interest income and lower provisions.

Net profit for the bank during Q4FY23 was Rs 2,043 crore compared with Rs 1,401 crore in Q4FY22. Net interest income of the bank during the quarter was Rs 4,669 crore, up 17 per cent from Rs 3,985 crore in Q4FY22. Net interest margin in Q4FY23 was 4.28 per cent against 4.2 per cent in Q4FY22 and 4.27 per cent in Q3FY23.

Provisions and contingencies were at Rs 1,030 crore, down 30 per cent from Rs 1,461 crore in Q4FY22. The bank said the total loan-related provisions were at Rs 7,324 crore.

“The loan book quality remains stable. Gross NPA was at 1.98 per cent of gross advances as on March 31, 2023 against 2.06 per cent as on December 31, 2022. Net NPA was 0.59 per cent of net advances compared with 0.62 per cent as on December 31, 2022,” the bank said in a statement to the stock exchanges. The capital adequacy stood at 17.86 per cent as on March 31, 2023.

“The loan growth accelerated to 21 per cent year on year and retail deposit growth was at 19 per cent year on year. Quarterly net profit crossed Rs 2,000 crore mark for the first time. Full-year profit was at Rs 7,443 crore, up 55 per cent year on year and net worth of the bank is in excess of Rs 50,000 crore,” said Sumant Kathpalia, MD and CEO, IndusInd Bank.

The board has recommended a dividend of Rs 14 per share for 2022-23 compared with Rs 8.5 per share for 2021-22.

TMB profit

Tamilnad Mercantile Bank on Monday posted a 11.45 per cent rise in its net profit for the fourth quarter ended March at Rs 253 crore, helped by a decline in bad loans. The bank had earned a net profit of Rs 227 crore a year ago

Bank of Maharashtra on Monday reported a more than two-fold jump in its net profit to Rs 840 crore for the March quarter, helped by a decline in bad loans and a rise in interest income.