Back to Career News

IndusInd Bank Q2 profit up 22 per cent to Rs. 2,202 crore

October 19, 2023

IndusInd Bank Q2 profit up 22 per cent to Rs. 2,202 crore
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.

Recommended for you ...

Private Banks Experience Margin Pressure as Deposit Costs Rise
Private Banks Experience Margin Pressure as Deposit Costs Rise

May 16, 2024

Canara Bank Shares Surge 4.6% After Stock Split Takes Effect
Canara Bank Shares Surge 4.6% After Stock Split Takes Effect

May 16, 2024

Private Banks in India Lead Branch Expansion Drive Over Public Sector Counterparts
Private Banks in India Lead Branch Expansion Drive Over Public Sector Counterparts

May 16, 2024

Chat on WhatsApp