Headquartered in Mumbai, IndusInd Bank Ltd (NSE: INDUSINDBK), on Monday, announced its financial results for the quarter and year ended on March 31, 2023.The banking company informed the market that its net profit for the quarter stood at Rs 2,043 crores as compared to Rs 1,401 crores during the corresponding period. This is up 46% year-on-year.The Net Interest Income for the quarter ended on March 31, 2023 stood at 4,669 crores, up 17% year-on-year and 4% higher quarter-on-quarter. The Yield on Assets stood at 9.20% for the quarter that ended on March 31, 2023 as compared to 8.28% during the prior corresponding period. The official press release also informed that operating expenses for the quarter were Rs 3,066 crores as against Rs 2,509 crores for the corresponding quarter of previous year, up 22%.How much IndusInd earned during the year ended March 31, 2023 For the year, the Net Interest Income grew 17% to Rs 17,592 crores from Rs 15,001 crores previous year. Operating expenses for the year ended March 31, 2023, stood at Rs 11,346 crores as against Rs 9,311 crores for the previous year. Net profit jumped 55% to touch Rs 7,443 crores for the year as compared to Rs 4,805 crores.Commenting on the performance, Sumant Kathpalia, MD and CEO, stated, “Indian economy continues to be a bright spot in the otherwise weak global environment, supported by prudent monetary and fiscal policies. This was also reflected in the healthy momentum seen across businesses of our Bank.”IndusInd Bank also announced its next three-year strategy with Growth, Granularity and Governance as key pillars to achieve higher market share with diversification in risk. Meanwhile, the bank shares closed todays trade at Rs 1,101.35 per share, down 1.34% than the previous close. The banks shares have shed 3.06% in the last five days of trading while in the past one month of trade on the NSE, the shares have gained 8.74%. In the last six months of trade on the NSE, the shares have lost 3.17% and in the past one year, the shares have moved up 16.35% on the NSE.
