30.1 C
New Delhi
Wednesday, September 28, 2022
HomeBusinessIndusInd Bank's advances rise 18% in Q1FY23, deposits cross over ₹3...

IndusInd Bank’s advances rise 18% in Q1FY23, deposits cross over ₹3 lakh cr

Private sector banker, IndusInd Bank recorded an 18% year-on-year growth in its net advances for the quarter ending June 30, 2022 (Q1FY23) period. The bank has announced its provisional data for the first quarter of this fiscal.

In its regulatory filing, IndusInd Bank data showed that net advances jumped 18% to 2,49,541 crore in Q1FY23 compared to 2,10,727 crore in Q1 of the last year.

Net advances also recorded single-digit growth of 4% from the previous quarter (Q4FY22) where advances stood at 2,39,052 crore.

Total deposits jumped 13% to 3,03,094 crore in Q1FY23 compared to 2,67,630 crore in the June quarter last year.

Deposits also advanced by 3% against 2,93,681 crore witnessed in March 2022 quarter.

Retail Deposits and Deposits from Small Business Customers amounted to 1,24,105 crore as of 30 June 2022 as compared to 1,20,507 crore as of 31 March 2022, IndusInd Bank said in its filling.

The bank’s CASA ratio stood at 43.2% in Q1FY23 improving from 42.1% in Q1FY22 and 42.8% in Q4FY22.

On BSE, IndusInd Bank shares closed at 807.50 apiece up by 1.63% on Friday. At the current price, the bank’s market valuations were 62,581.29 crore on the exchange.

On Monday, IndusInd shares will be in focus following its net advances and deposits data announcement.

Last month, India Ratings affirmed IndusInd Bank’s long-term issuer rating at ‘AA+’ with a stable outlook and the short-term issuer rating stood at ‘A1+’.

In its report, Ind-Ra stated that the bank will prioritise its liability profile, and will continue to target retail deposits and growth relative to asset growth across preferred segments. The rating agency expects that given unutilised provisions that it already carries, the Bank to see a material decline in its credit costs to about 1.5% in FY23.

Ind-Ra expects the bank’s overall income profile to be largely similar to FY22 levels over the near-to-medium term, given the bank’s ability to maintain and/or improve its liability profile, which drives loan growth.

As of March 31, 2022, IndusInd Bank’s distribution network included 2,265 branches/banking outlets and 2,767 onsite and offsite ATMs, as against 2,015 branches/banking outlets and 2,872 onsite and offsite ATMs as of March 31, 2021. The client base stood at 32 million as of March 31, 2022.

Source link

- Advertisment -
- Advertisment -

Our Archieves

- Advertisment -