IndusInd Bank Q2 Results: IndusInd Bank Ltd reported a 13% year-on-year increase in net advances, reaching Rs 3.57 lakh crore for the July to September quarter, as per provisional figures released on Friday. The bank’s deposits also saw a 15% rise, totaling Rs 4.13 lakh crore for the second quarter ending June 2024, according to an exchange filing.
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However, the CASA ratio, the share of deposits from low-cost current and savings accounts declined to 35.9%, down from 36.7% sequentially. A lower CASA ratio suggests increased reliance on costlier wholesale funding, which may negatively impact the bank’s margins. Retail and small business customer deposits increased to Rs 1.81 lakh crore as of September 30, 2024, compared to Rs 1.74 lakh crore as of June 30, 2024.
In August, the Reserve Bank of India approved IndusInd Bank’s plan to establish a wholly owned subsidiary for mutual fund asset management, which includes an equity capital investment, subject to RBI conditions.
For the first quarter of fiscal 2025, IndusInd Bank’s profit grew by 2% year-on-year to Rs 2,171 crore. The net interest income also rose by 11% to Rs 5,408 crore.
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Despite a 1.67% intraday gain to Rs 1,410.95, IndusInd Bank shares closed down 0.35% at Rs 1,382.85, while the benchmark Nifty 50 dropped 0.79%. Over the past year, the stock has declined by 1.32%, and by 13.51% year-to-date.
