IndusInd Bank on Friday (October 4) announced its results update for the quarter ending September 30, 2024. The bank reported a 13% year-on-year (y-o-y) increase in net advances, with the net amount growing from ₹3.57 billion to ₹3.57 billion. In the same period last year, it was $3.15 billion.
On a quarter-on-quarter (QoQ) basis, net advances increased by 3% from Rs 3.48 billion in June 2024.
Deposits surged 15% year-on-year to Rs 4.13 billion as on September 30, 2024, compared to Rs 3.6 billion in the year-ago period.
The bank also reported a 4% increase in deposits quarter-on-quarter, up from Rs 3,990 crore in June 2024.
The bank’s CASA (current account) ratio was 35.9%, down slightly from 36.7% in the previous quarter and 39.4% in the same period last year.
Despite the decline, retail deposits and deposits from SME customers grew steadily, reaching Rs 1.82 billion as on September 30, 2024, from Rs 1.74 billion in June 2024.
In a separate development, IndusInd Bank announced the reappointment of Sumant Katpalya as Managing Director and Chief Executive Officer for a further three-year term.
Kasparia’s new term will begin on March 24, 2025 and will be extended until March 23, 2028, subject to approval from the Reserve Bank of India (RBI) and the bank’s shareholders. He has been serving as MD and CEO since March 2020.
