IndusInd Bank on Wednesday posted 22 per cent rise in consolidated net profit at Rs 2,202 crore for September quarter 2023-24, aided by decline in bad loans and a rise in interest income. The lender had logged a profit of Rs 1,805 crore in the year-ago period.
Total income increased to Rs 13,530 crore during the quarter under review, as against Rs 10,719 crore in the same period last year, IndusInd Bank said in a regulatory filing. The bank earned an interest income of Rs 11,248 crore during the quarter, as compared to Rs 8,708 crore in the same period a year ago.
On the asset quality front, the lender reported an improvement as gross non-performing assets (NPAs or bad loans) fell to 1.93 per cent of gross advances as of September 2023 from 2.11 per cent by the year-ago same period. Likewise, net NPAs came down to 0.57 per cent from 0.61 per cent.
As a result, provisions (other than tax) contingencies declined to Rs 974 crore as compared to Rs 1,141 crore in the same quarter a year ago. The Capital Adequacy Ratio improved to 18.21 per cent at the end of September 2023 as against 18.01 per cent a year ago.
Bandhan Bank Q2 Result
On the other hand, Bandhan Bank on Wednesday logged over threefold jump in net profit at Rs 721 crore for the second quarter ended September 30, 2023. The Kolkata-headquartered private sector lender had posted a profit of Rs 209.30 crore for the same quarter a year ago. Total income during July-September this fiscal rose to Rs 5,032 crore as against Rs 4,250 crore in the same period of 2022-23, Bandhan Bank said in a regulatory filing. Net interest income grew to Rs 2,443 crore in Q2 FY24 from Rs 2,193 crore in Q2 FY23.
On the asset quality front, the lender reported deterioration as gross non-performing assets (NPAs or bad loans) rose to 7.32 per cent of gross advances at end-September 2023 from 7.19 per cent by the end of second quarter of 2022-23. Likewise, net NPAs or bad loans also increased to 2.32 per cent, from 1.86 per cent.