IndusInd Bank Q4FY23 Result: After the sinking of Silicon Valley Bank in America, the condition of many more banks is bad. While the profits of banks in India have been tremendous. Yes Bank and ICICI Bank have registered huge profit and now IndusInd Bank’s profit has also been 50 percent.
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The condition of the banking sector is bad in both America and Europe. It started with the collapse of Silicon Valley Bank and then spread to Signature Bank and Credit Suisse. On the contrary, India’s banking sector remains very strong. Here not only the NPA of the banks has improved, but their income and profit have also increased. The latest example is that of IndusInd Bank, whose profit has increased by 50 percent in the January-March quarter.
IndusInd Bank has released its quarterly results. In the fourth quarter of the financial year 2022-23, the profit of the bank has increased by 50 percent. Earlier, Yes Bank and ICICI Bank have also given information about registering profits.
Profit more than 2 thousand crores
IndusInd Bank’s standalone net profit rose 50 percent to Rs 2,040 crore in the January-March quarter. Whereas in the same period of the previous financial year 2021-22, it was Rs 1,361 crore. The interest income of the bank has also improved. It has been Rs 4,669 crore with a growth of 17 percent. Whereas in the same period of the last financial year it was Rs 3,985 crore.
Bank will give dividend of Rs 14
The board of the bank has also declared dividend for the shareholders. IndusInd Bank will give a dividend of Rs 14 per share to the shareholders for the financial year 2022-23. After the declaration of the results of the bank, its share price saw a rise. It had reached Rs 1,117, however, at the end of the trading, it broke down and closed at Rs 1,101.
Bank’s NPA provision also decreased
IndusInd Bank’s NPA provision has also come down in the January-March quarter. It fell by 29 per cent to Rs 1,030 crore from Rs 1,461 crore in the corresponding quarter of the previous financial year. The gross NPA of the bank has come down to 1.98 percent, while it was 2.27 percent in the same quarter of the previous financial year.
Profit of ICICI Bank and Yes Bank
ICICI Bank’s standalone net profit has increased by 30 percent to more than Rs 9100 crore in the January-March quarter. While the profit of Yes Bank has decreased by 45 percent on an annual basis, and has been Rs 202.43 crore. But compared to the October-December quarter, a 293 percent increase has been registered in the bank’s profit.