Private sector banker, IndusInd Bank reported 18% year-on-year growth in its net advances for the quarter ended June 30, 2022 (Q1FY23). The bank has announced its provisional figures for the first quarter of the current financial year.
In its regulatory filing, indusind bank Data showed net advances jumped 18% 2,49,541 crore in Q1FY23 as compared to 2,10,727 crore in the first quarter of the previous year.
Net advances also registered a single-digit growth of 4% over the previous quarter (Q4FY22), where advances were 2,39,052 crore.
gross Deposit jumped 13% 3,03,094 crore in Q1FY23 as compared to 2,67,630 crore in the June quarter last year.
Deposit also increased by 3% 2,93,681 crore was seen in the March 2022 quarter.
Retail deposits and deposits from small business customers 1,24,105 crore as on 30 June 2022 as compared to 1,20,507 crore as of March 31, 2022, IndusInd Bank said in its filing.
The CASA ratio of the bank stood at 43.2% in Q1FY23, up from 42.1% in Q1FY22 and 42.8% in Q4FY22.
IndusInd Bank shares closed on BSE On Friday, 807.50 each gained 1.63%. At the current price, the market valuation of the bank was 62,581.29 crore on the exchange.
On Monday, IndusInd shares will be in focus after its net advance and deposit data announcement.
Last month, India Ratings affirmed IndusInd Bank’s long-term issuer rating ‘AA+’ with a stable outlook and short-term issuer rating at ‘A1+’.
In its report, Ind-Ra said the bank will prioritize its liability profile, and continue to target retail deposits and growth relative to asset growth in preferred sectors. The rating agency expects the bank to see a fall in its credit cost of around 1.5% in FY23, given the already unutilized provisions.
Ind-Ra expects the bank’s total income profile to be broadly similar over the medium-term to near-FY 2012 levels, given the bank’s ability to maintain and/or improve its liability profile, which encourages credit growth.
As on March 31, 2022, IndusInd Bank’s distribution network consisted of 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 customer base was 32. million by March 31, 2022.