IndusInd Bank Share Price Dips 14%; Achieves 15% YoY Growth in Deposits as of September 30, 2024

IndusInd Bank Limited announced its financial results for the quarter and half-year ending September 30, 2024.

Quarterly Performance (Q2 FY25)

The Net Interest Income (NII) for Q2 FY25 stood at ₹5,347 crores, marking a 5% year-over-year (YoY) increase. The Net Interest Margin (NIM) for this quarter was 4.08%, a slight decrease from 4.29% in Q2 FY24 and 4.25% in Q1 FY25. The drop in NIM was attributed in part to the bank’s decision to reduce the share of microfinance loans in its overall loan portfolio.

The company stated that deposits exceeded the ₹4 trillion mark, growing by 15% YoY to reach ₹4,12,317 crores from ₹3,59,548 crores in Q2 FY24. Loans rose by 13% YoY to ₹3,57,159 crores, compared to ₹3,15,454 crores in the same quarter of the previous year.

IndusInd Bank posted a net profit of ₹1,331 crores for the quarter, down from ₹2,202 crores in Q2 FY24. However, after adjusting for increased contingent provisions, the net profit amounted to ₹1,725 crores for Q2 FY25.

Half-Yearly Performance (H1 FY25)

The NII for the half-year ending September 30, 2024, rose to ₹10,755 crores, an 8% increase from ₹9,944 crores during the corresponding period last year. Total income, including interest and fee income, reached ₹29,860 crores, up from ₹26,469 crores in the previous half-year.

Net profit for the half-year stood at ₹3,502 crores, compared to ₹4,326 crores in H1 FY24.

Balance Sheet as of September 30, 2024

The bank’s balance sheet size was ₹5,43,407 crores, representing a 14% YoY growth from ₹4,77,922 crores as of September 30, 2023. 

Deposits totalled ₹4,12,397 crores, up 15% from ₹3,59,548 crores in the previous year. Within deposits, CASA (Current Account and Savings Account) deposits grew to ₹1,47,944 crores, comprising 35.87% of total deposits. Retail deposits, as per Liquidity Coverage Ratio (LCR), increased by 16% YoY, reaching ₹1,81,911 crores.

Advances rose to ₹3,57,159 crores, a 13% increase from ₹3,15,454 crores in September 2023.

Network Expansion

As of September 30, 2024, IndusInd Bank operated 3,040 branches/banking outlets and 3,011 ATMs, up from 2,631 branches and 2,903 ATMs a year ago, with a client base now standing at 41 million.

IndusInd Bank Share Performance

On October 25, 2024, IndusInd Bank share price opened at ₹1,163.00, down from its previous close of ₹1,280.05. At 9:53 AM, the share price of IndusInd Bank was trading at ₹1,098.60, down by 14.18%. The stock touched its 52-week low at ₹1,066.00. 

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