The bank's consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and Induslnd Marketing and Financial Services (IMFS), an associate of the bank.

Consolidated total income rose by 24.7% year on year to Rs 12,174.31 crore during the period under review.

Net interest income (NII) improved to Rs 4,669 crore in Q4 FY23 (up 17% YoY and up 4% QoQ). Net interest margin (NIM) for Q4 FY23 stood at 4.28% against 4.27% in Q3 FY23 and 4.20% in Q4 FY22.

The bank's pre provision operating profit (PPOP) was at Rs 3,758 crore for the quarter ended 31 March 2023, registering a growth of 11% from Rs 3,379 crore reported in the corresponding quarter previous year.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 5,826.27 crore as on 31 March 2023 as against Rs 5,710.78 crore as on 31 December 2022 and Rs 5,517.15 crore as on 31 March 2022.

The gross NPA were at 1.98% of gross advances as on 31 March 2023 as against 2.06% as on 31 December 2022 and 2.27% as on 31 March 2022.

The net NPA was at 0.59% of net advances as on 31 March 2023 as compared to 0.62% as on 31 December 2022 and 0.64% as on 31 March 2022.

The provision coverage ratio was consistent at 71% as at 31 March 2023. Provisions and contingencies for the quarter ended 31 March 2023 were Rs 4,487 crore as compared to Rs 6,602 crore recorded in the same period last year, reduced by 32% YoY. Total loan related provisions as on 31 March 2023 stood at Rs 7,324 crore (2.5% of loan book).

IndusInd Bank reported 55% jump in consolidated net profit to Rs 7,443.49 crore on a 16.7% increase in total income to Rs 44,540.69 crore in FY23 over FY22.

Deposits as on 31 March 2023 was at Rs 3,36,120 crore as against Rs 2,93,349 crore, an increase of 15% over 31 March 2022. CASA deposits comprised 40% of total deposits as at 31 March 2023.

Advances as of 31 March 2023 were Rs 2,89,924 crore as against Rs 2,39,052 crore, recording a growth of 21% over 31 March 2022.

The bank's total capital adequacy ratio as per Basel III guidelines stands at 17.86% as on 31 March 2023, as compared to 18.42% as on 31 March 2022. Tier 1 CRAR was at 16.37% as on 31 March 2023 compared to 16.80% poseted in the same period a year ago.

Sumant Kathpalia, managing director & CEO, IndusInd Bank said, “The loan growth accelerated to 21% YoY and retail deposit growth was at 19% YoY. The bank's profitability metrics maintained uptrend across net interest margins, return on assets and return on equity. The quarterly net profit thus crossed Rs 2,000 crore mark for the first time at Rs 2,043 crore – up 4% QoQ and 46% YoY. The full year profit was at Rs 7,443 crore – up 55% YoY and net worth of the bank is in excess of Rs 50,000 crore at Rs 52,848 crore.

The bank also announced its next three-year strategy with growth, granularity and governance as key pillars to achieve higher market share with diversification in risk. With stable macro-economic environment and recovery in key businesses, the bank is confident of achieving its growth ambitions.”

The board has recommended payment of dividend of Rs 14 per equity share for the financial year 2022-23, subject to approval of the shareholders.

IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2023, the bank's distribution network included 2,606 branches/ banking outlets and 2,878 onsite and offsite ATMs. The client base stood at approximately 34 million as on 31 March 2023.

Shares of IndusInd Bank were down 1.10% to Rs 1,103.60 on the BSE.