IndusInd Bank Posts Marginal Profit Rise in Q1

IndusInd Bank's net profit rose by 2% to Rs 2,171 crore in the first quarter ending June 30. The bank's total income increased to Rs 14,988 crore. However, Gross NPAs worsened to 2.02% while its Capital Adequacy Ratio declined to 17.55%.

Private sector IndusInd Bank reported a modest 2% increase in net profit, amounting to Rs 2,171 crore for the first quarter ending June 30. Compared to the previous year's net profit of Rs 2,124 crore, this represents a small but notable rise.

The bank's total income surged to Rs 14,988 crore, up from Rs 12,939 crore in the same period last year, according to the bank's regulatory filing. During the reviewed quarter, interest income grew to Rs 12,547 crore, a jump from Rs 10,730 crore a year ago.

Despite the income rise, the bank's Gross Non-Performing Assets (NPAs) deteriorated to 2.02% of gross advances by June 30, 2024, up from 1.94% in the previous fiscal year's first quarter. Net NPAs also edged higher to 0.60% from 0.58%. Consequently, provisions excluding tax and contingencies increased to Rs 1,050 crore, compared to Rs 992 crore in the corresponding quarter of the previous year. The Capital Adequacy Ratio (CRAR) saw a minor decline to 17.55% from 18.40% as of June 30, 2023.

(With inputs from agencies.)