IndusInd Bank has announced updates regarding its business performance for the period ending on September 30, 2023. The bank's net advances came in at Rs 3,14,928 crore, reflecting a 5 percent increase compared to Rs 3,01,317 crore as of June 30, 2023, and a 21 percent year-on-year rise from Rs 2,60,129 crore recorded on September 30, 2022.

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As of September 30, 2023, the bank reported total deposits of Rs 3,59,819 crore, marking a 4 percent quarter-on-quarter increase from Rs 3,47,347 crore as of June 30, 2023, and a 14 percent year-on-year growth from Rs 3,15,921 crore as of September 30, 2022.

The CASA ratio experienced a decline, reaching 39.4 percent as of September 30, 2023, in comparison to 39.9 percent as of June 30, 2023, and 42.4 percent as of September 30, 2022.

Retail deposits and deposits from small business customers reached Rs 1,57,178 crore as of September 30, 2023, compared to Rs 1,50,691 crore as of June 30, 2023.

Shares of IndusInd Bank on Friday closed at Rs. 1426.80, up 0.91 percent from the previous close on the BSE. IndusInd Bank shares have gained over 30 percent in the past six months.

Meanwhile, brokerage firm Motilal Oswal has a buy rating on the shares of IndusInd Bank.

"IIB continues to report steady loan growth and we expect the trend to

continue. Deposit franchise too is growing at a steady pace with a sustained

focus on augmenting Retail deposits," Motilal Oswal said in a note.

The lender reported a 32.5 percent rise in net profit at Rs 2,123.6 crore in the quarter-ended June.

When compared to the first quarter of FY23, the net interest income rose 18 percent. The lender had reported NII at Rs 4,125.3 crore in Q1 of FY23. The net interest margin (NIM) for the first quarter of FY24 stood at 4.29 percent as against 4.21 percent for Q1 of FY23 and 4.28 percent for Q4 of FY23, the lender said in a regulatory filing.

Last month, the bank announced the launch of the ‘Virtual Commercial Card' to redefine cross-border transactions for corporates and travel agents. In a tie-up with Visa, this virtual card has additional layers of security which grant the users control over their international expenses, making it a safe and hassle-free experience for the customers, IndusInd Bank said. Read more on this here

(Edited by : Amrita)