IndusInd Bank Q1 Results: Lender's Net Profit Rises 30 Per Cent To Rs 2,124 Crore

IndusInd Bank’s gross non-performing assets (GNPA) fell to 1.94 per cent from 2.35 per cent a year ago

By : ABP News Bureau | Updated at : 18 Jul 2023 06:49 PM (IST)

IndusInd Bank Q1 Results Lender's Net Profit Rises 30 Per Cent To Rs 2,124 Crore IndusInd Bank Q1 Results: Lender's Net Profit Rises 30 Per Cent To Rs 2,124 Crore

IndusInd Bank's total income for Q1FY24 rose by 28 per cent year-on-year to Rs 12,939 crore.

Source : Getty

IndusInd Bank clocked a 30.2 per cent rise in its net consolidated profit for the quarter that ended on June 30 (Q1) to Rs 2,124.50 crore from Rs 1,631.14 crore in the same quarter last year. In the previous quarter, which ended on March 31, the net profit was Rs 2,043.44 crore. IndusInd Bank’s gross non-performing assets (GNPA) fell to 1.94 per cent from 2.35 per cent a year ago. In the previous quarter, its GNPAs were 1.98 per cent. The net NPAs fell to 0.58 per cent from 0.67 per cent during the period.

In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 per cent higher as against Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 per cent higher than Rs 1,715 crore reported in the last quarter. The results also showed that the bank's provisions and contingencies, other than tax, stood at Rs 991.57 crore at the end of June.

Total income for Q1FY24 rose by 28 per cent year-on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 per cent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal year.

IndusInd Bank's operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 per cent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23. The lender's capital adequacy ratio, as per the Basel III norms, came in at 18.04 per cent in the first quarter, as compared to 17.86 per cent in the fourth quarter of the last fiscal year.

On Tuesday, IndusInd Bank’s shares ended at Rs 1,390.30 apiece on the BSE, which was 0.17 per cent lower as against the previous day's close.

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