Q2 Results: IndusInd Bank reports 22% jump in net profit in September quarter

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₹5,077 crores, grew by 18% YoY and 4% QoQ. The Net Interest Margin for Q2 of FY 2024 stood at 4.29% against 4.24% for Q2 of FY 2023 and 4.29% for Q1 of FY 2024. Yield on Assets stands at 9.69% for the quarter ended September 30, 2023 as against 8.65% for the corresponding quarter of previous year.

Cost of Fund stands at 5.40% as against 4.41% for corresponding quarter of previous year. Other income at ₹2,282 crores for the quarter ended September 30,2023 as against ₹2,011 crores for the corresponding quarter of previous year, grew by 13% YoY. Core Fee grew by 13%YoY to ₹2,120 crores as against ₹1,872 crores for the corresponding quarter of previous year.

Operating expenses for the quarter ended September 30, 2023 were ₹3,450 crores as against ₹2,769 crores for the corresponding quarter of previous year, increased by 25%. Profit & Loss Account for half year ended September 30, 2023 Net Interest Income for the half year ended September 30, 2023 increased to ₹9,944 crores, up by 18% from ₹8,427 crores corresponding previous half year. Fee income at ₹4,492 crores for the half year ended September 30, 2023 as against ₹3,943 crores for the corresponding previous half year.

For the half year ended September 30, 2023, the Bank earned Total Income (Interest Income and Fee Income) of ₹26,469 crores as compared to ₹20,832 crores for the corresponding previous half year. Operating expenses for the half year ended September 30, 2023 were ₹6,695 crores as against ₹5,395 crores for the corresponding previous half year. For the half year ended September 30, 2023, Total expenditure (Interest expended and Operating expenses) increased to ₹18,729 crores as compared to ₹13,857 crores for the corresponding previous half year.