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IndusInd Bank Ltd.’s micro finance institution portfolio which was key concern area reported improvement in credit growth (up 5% YoY) along with better asset quality (gross non-performing asset 2.9% versus 3.4% QoQ).
Further, credit growth remains strong at 18% YoY; deposit growth improved to 15% YoY versus 13% YoY (Q1 FY23). Management guided for credit growth of 20% for FY23.
Asset quality improved as GNPA stood at 2.11% versus 2.35% QoQ led by lower slippages.
Restructured book declined to 1.5% versus 2.1% QoQ. Net interest income grew by 18% YoY (up 4.3% QoQ); net interest margins improved by 17 bps YoY.
Profit after tax grew by 60% YoY due to decline in provisions (down 33% YoY). IndusInd Bank’s maintains overall provision of Rs 26.5 billion as standard contingent provisions.
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