Private sector lender IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.
The net profit, at Rs 2,124 crore, is almost in line with the CNBC TV-18 poll estimate of Rs 2,127 crore.
Total income for Q1FY24 rose by 28 percent on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 percent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal.
The NII, at Rs 5,863 crore, is 21 percent higher as against the CNBC TV-18 poll estimate of Rs 4,821.7 crore.
The bank's gross non-performing asset (NPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. On the other hand, net NPA of IndusInd Bank for the quarter stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.
In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 percent higher as against Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 percent higher than Rs 1,715 crore reported in the last quarter.
IndusInd Bank's operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 percent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23.
The lender's capital adequacy ratio, as per the Basel III norms, came in at 18.04 percent in the first quarter, as compared to 17.86 percent in the fourth quarter of the last fiscal.
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