IndusInd Bank on Friday (October 4) released its business update for the quarter ended September 30, 2024. The bank reported a 13% year-on-year (YoY) growth in net advances to ₹3.57 lakh crore from ₹3.15 lakh crore in the corresponding quarter last year.
On a quarter-on-quarter (QoQ) basis, net advances grew 3%, standing at ₹3.48 lakh crore in June 2024.
Deposits as of September 30, 2024 grew by 15% to Rs 4.13 lakh crore as compared to Rs 3.60 lakh crore in the same period last year.
The bank also reported a 4% quarterly growth in deposits, which stood at ₹3.99 lakh crore in June 2024.
The bank’s CASA (current account savings account) ratio fell marginally to 35.9% from 36.7% in the previous quarter and 39.4% a year ago.
Despite the plunge, retail deposits and deposits from small business customers witnessed good growth, rising to Rs 1.82 lakh crore as of September 30, 2024, from Rs 1.74 lakh crore in June 2024.
In a separate development, IndusInd Bank announced the reappointment of Sumant Kathpalia as Managing Director and Chief Executive Officer for a term of three years.
Kathpalia’s new term will begin from March 24, 2025, and run till March 23, 2028, provided he gets approval from the Reserve Bank of India (RBI) and the bank’s shareholders. He has been serving as MD and CEO since March 2020.
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