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.
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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.
