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Thursday, September 29, 2022

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Net Profit Up 61% On Higher Core Income

IndusInd Bank Ltd.’s quarterly profit rose on higher interest income and lower provisions.

The lender’s consolidated net profit jumped 60.5% year-on-year to Rs 1,631 crore in the quarter ended June, according to an exchange filing. That compares with the Rs 1,400.6-crore consensus estimate of analysts tracked by Bloomberg.

Net interest income for the bank rose 15.8% year-on-year to Rs 4,125.5 crore. Other income, too, rose 12% to Rs 1,932 crore.

Its asset quality position worsened, with gross non-performing asset ratio at 2.35%, up 8 basis points quarter-on-quarter. Net non-performing asset ratio stood at 0.67% compared with 0.64% as on March 31.

Provisions for the quarter stood at Rs 1,251 crore, down 30% year-on-year.

IndusInd Bank saw its total advances rise 18% over the year earlier to Rs 2.48 lakh crore. Similarly, deposits rose 13% year-on-year to over Rs 3 lakh crore.

“Our vehicle and microfinance had best Q1 disbursements in their history. Consumer and corporate segments maintained steady growth,” Sumant Kathpalia, managing director and chief executive officer at the bank, said in a statement.

Shares of IndusInd Bank closed 1.14% higher before the results were announced compared with a 1.1% gain in the benchmark Nifty 50.

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