IndusInd Bank standalone net profit up 32.5% YoY at Rs 2,124 crore

IndusInd Bank reported a standalone net profit of Rs 2,123.6 crore with a growth of 32.5% in the first quarter of FY24 as compared to Rs 1,603.29 crore in the same quarter last year. The bank’s total income for the quarter increased 28% YoY to Rs 12,939 crore.

Net interest income (NII) was up by 18% YoY to Rs 4,867 crore and The operating profit, before provisions and contingencies, also grew by 13% YoY to Rs 3,830 crore.

The gross non-performing assets (NPAs) ratio as a percentage of sales was 1.94% as of June end, compared with 1.98% a quarter ago, and 2.35% a year ago. The net NPA ratio was 0.58% as of June end, compared to 0.59% a quarter ago, and 0.67% a year ago. Provisions for this quarter stood at Rs 992 crore as compared with Rs 1,251 crore a year ago.

Source: Media reports