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IndusInd Bank Gets RBI Approval to Start Mutual Fund Business

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Synopsis:

IndusInd Bank secures RBI approval to establish a mutual fund business. IndusInd Bank share price closed at ₹1,349.60, down 1.07%. Q1 FY25 results show 2% PAT growth to ₹2,171 crore, with NII rising 11% YoY to ₹5,408 crore.

IndusInd Bank News Today

IndusInd Bank has secured approval from the Reserve Bank of India (RBI) to establish a mutual fund asset management business. The new venture will be a wholly-owned subsidiary of the bank.

This development is expected to keep the IndusInd Bank share price in focus, as investors anticipate the potential growth opportunities arising from this new business segment.

Equity Infusion and Strategic Expansion

The RBI has granted permission for IndusInd Bank to infuse equity capital into the newly formed asset management subsidiary. This positions the bank to diversify its financial services portfolio and tap into the growing mutual fund market in India.

The banking regulator communicated this approval to IndusInd Bank through an official letter on Monday.

IndusInd Bank Share Price Movement

On Monday, IndusInd Bank share price closed at ₹1,349.60, marking a decline of ₹14.55 or 1.07% on NSE compared to the previous trading session. The share price movement reflects market sentiments surrounding the bank’s recent developments and overall financial performance.

Q1 FY25 Financial Performance Highlights

IndusInd Bank reported a consolidated profit after tax (PAT) of ₹2,171 crore for the quarter ending June 30, 2024, representing a 2% increase from ₹2,124 crore in the corresponding period of the previous year.

The bank's net interest income (NII) grew by 11% year-on-year (YoY) to ₹5,408 crore, up from ₹4,867 crore reported in the same quarter last year.

The bank's net interest margin (NIM) remained stable at 4.25% in Q1 FY25, compared to 4.29% in Q1 FY24 and 4.26% in Q4 FY24. This stability indicates the bank's ability to manage its interest income efficiently despite fluctuating market conditions.

IndusInd Bank's balance sheet size grew by 14% YoY, reaching ₹5,30,165 crore as of June 30, 2024. Deposits also saw a significant rise, growing by 15% YoY to ₹3,98,513 crore, underscoring the bank's robust deposit mobilisation efforts.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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