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IndusInd Bank Q2 profit up 22 per cent to Rs. 2,202 crore
October 19, 2023
IndusInd Bank announced a robust financial performance for the September quarter of 2023-24, registering a 22% increase in consolidated net profit, reaching Rs 2,202 crore. This rise was attributed to reduced bad loans and an upswing in interest income. Compared to the previous year’s Rs 1,805 crore profit, this signifies significant growth. The bank’s total income for the quarter soared to Rs 13,530 crore from Rs 10,719 crore in the corresponding period last year, as per regulatory filings.
IndusInd Bank’s interest income saw a notable increase, reaching Rs.11,248 crore, compared to Rs. 8,708 crore in the same period the previous year. Notably, the bank’s asset quality improved, with gross non-performing assets (NPAs) dropping to 1.93% from 2.11% in September 2023. Likewise, net NPAs reduced to 0.57% from 0.61%. Consequently, provisions for contingencies declined to Rs. 974 crore from Rs. 1,141 crore in the same quarter last year. The bank’s Capital Adequacy Ratio stood strong at 18.21% by the end of September 2023, a notable improvement from 18.01% a year ago.
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