On July 18, private sector lender IndusInd Bank announced a net profit of Rs 2,124 crore for the April–June quarter, a 33 percent increase over the Rs 1,631 crore recorded in the same quarter last year.
The net profit, at Rs 2,124 crore, is nearly in line with the Rs 2,127 crore prediction from the CNBC TV-18 poll.
To reach Rs 12,939 crore, the total revenue for Q1FY24 increased by 28% year over year. Included in this is a net interest income (NII) of Rs. 5,863 crore, an increase of 18% from the Rs. 4,125 crore reported in the same quarter of the previous fiscal year.
The NII, at Rs 5,863 crore, is 21% more than the expectation of Rs 4,821.7 crore in the CNBC TV-18 survey.
Gross non-performing assets (NPAs) for the bank were 1.94 percent, compared to 2.35 percent in the same period previous year. On the other hand, IndusInd Bank’s net NPA for the quarter was 0.58 percent, down from 0.67 percent a year earlier.
Gross non-performing assets (NPA) were at Rs 5,941 crore at the end of Q1FY24, a 2 percent increase from Rs 5,826 crore at the end of Q4FY23. The net NPA is also up, coming in at Rs 1,747 crore, or 1.9% more than the Rs 1,715 crore reported in the previous quarter.
Without accounting for provisions and contingencies, IndusInd Bank’s operational profit totalled Rs 3,830 crore, a 13% increase from the previous year. Provisions were Rs 992 crore for the reviewed quarter, down from Rs 1,251 crore in Q1FY23.
According to Basel III standards, the lender’s capital adequacy ratio was 18.04 percent in the first quarter as opposed to 17.86 percent in the fourth quarter of the previous fiscal.
