IndusInd Bank Posts Strong Q2 Results

7 Oct 2024 , 01:10 PM

For the quarter ended September 30, 2024, IndusInd Bank released its business update on Friday, October 4. Net advances increased by 13% year over year (YoY) to ₹3.57 lakh crore from ₹3.15 lakh crore in the same quarter the previous year, according to the bank.

The bank’s CASA (Current Account Savings Account) ratio decreased somewhat to 35.9% from 39.4% a year ago and 36.7% in the preceding quarter.

Net advances rose by 3% on a quarter-over-quarter (QoQ) basis, from ₹3.48 lakh crore in June 2024

Retail and small business client deposits witnessed a solid growth despite the decline, reaching ₹1.82 lakh crore as of September 30, 2024, up from ₹1.74 lakh crore in June 2024.

As of September 30, 2024, deposits had increased by 15% YoY to ₹4.13 lakh crore, up from ₹3.60 lakh crore during the same period the previous year.

Additionally, the bank announced that deposits have increased by 4% QoQ from ₹3.99 lakh crore in June 2024.

In a different event, Sumant Kathpalia has been reappointed to his position as managing director and chief executive officer for an additional three-year term by IndusInd Bank.

The new term for Kathpalia will start on March 24, 2025, and run through March 23, 2028, if the Reserve Bank of India (RBI) and the bank’s shareholders give their approval. He assumed the roles of CEO and MD in March 2020.

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