IndusInd Bank Q1 Results: Net profit rises 32% to Rs 2,124 crore

IndusInd Bank

IndusInd Bank reported a standalone net profit of ₹2,123.6 crore in Q1 of FY24, registering a growth of 32.5 per cent from ₹1,603.29 crore in the same quarter last year.

Net interest income (NII), defined as the difference between interest earned and interest expended, climbed 18 per cent year on year to 5,862.5 crore from 4,125.3 crore.

Pre-Provision Operating Profit (PPOP) was 3,830 crore for the quarter ended June, up 12.8 per cent from the previous year’s equivalent period of 3,393.67 crore.

IndusInd Bank‘s asset quality remained constant, with gross non-performing assets (GNPA) at 5,941.12 crore at the end of the June quarter, up marginally by 2 per cent from 5,826.21 crore at the end of the March 2023 quarter.

Net non-performing assets (NNPA) grew marginally by 1.9 per cent year on year to 1,746.93 crore from 1,714.96 crore in Q1FY24.

QoQ, the gross NPA ratio fell 4 basis points to 1.94 per cent from 1.98 per cent, while the net NPA ratio increased to 0.58 per cent from 0.59 per cent.

The private lender’s Capital Adequacy Ratio – Basel III was 18.40 per cent, up from 17.86 per cent in the previous quarter and 18.14 per cent year on year.

According to a press statement from IndusInd Bank, the cost of funds is 5.31 per cent, up from 4.14 per cent in the same quarter last year.

Also Read | IndusInd Bank collaborates with Wise to offer low-cost & fast inward remittance to India

Other income increased by 14 per cent year on year to 2,210 crore for the quarter ended June 30,2023, from 1,932 crore in the prior year’s equivalent quarter. Core Fee increased by 19 per cent year on year to 2,119 crore, up from 1,786 crore in the same period last year.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.