IndusInd Bank Q1 Results: Net profit rises 32% to ₹2,124 crore, NII up 18% YoY; asset quality remains stable
IndusInd Bank reported a standalone net profit of ₹2,123.6 crore in the first quarter of FY24, registering a growth of 32.5% from ₹1,603.29 crore in the same quarter last year. Net interest income (NII), which is the difference between interest earned and interest expended, during Q1FY24 increased 18% to ₹5,862.5 crore from ₹4,125.3 crore, YoY. Pre-Provision Operating Profit (PPOP) at ₹3,830 crore for the quarter ended June registered a growth of 12.8% over the corresponding quarter of previous year at ₹3,393.67 crore.
Provisions and Contingencies declined to ₹991.57 crore from ₹1,030.05 crore, QoQ, and from ₹1,250.99 crore, YoY. IndusInd Bank's asset quality remained stable as the gross non-performing assets (GNPA) at the end of June quarter were at ₹5,941.12 crore, higher marginally by 2% from ₹5,826.21 crore at the end of March 2023 quarter. Net non-performing assets (NNPA) in Q1FY24 also increased marginally by 1.9% to ₹1,746.93 crore from ₹1,714.96 crore, QoQ.
Gross NPA ratio eased 4 basis points to 1.94% from 1.98%, while Net NPA ratio improved to 0.58% from 0.59%, QoQ. Also Read: IndusInd Bank board to consider fundraising on July 20 The private lender's Capital Adequacy Ratio - Basel III was at 18.40% as against 17.86%, QoQ, and against 18.14%, YoY. Cost of Fund stands at 5.31% as against 4.14% for corresponding quarter of previous year, IndusInd Bank said in a release.
Other income at ₹2,210 crore for the quarter ended June 30,2023 as against ₹1,932 crore for the corresponding quarter of previous year, grew by 14% YoY. Core Fee grew by 19% YoY to ₹2,119 crore as against ₹1,786 crore for the corresponding quarter of previous year, it added. On Tuesday, the shares of IndusInd Bank ended 0.17% lower at ₹1,390.30
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