IndusInd Bank Consolidated Net Profit Rises 57% To Rs 1,805 Cr In Q2

Private sector IndusInd Bank on Wednesday declared more 57% rise in its consolidated net profit at Rs 1,805.22 crore in the quarter ended September 2022.

The bank had declared a net profit of Rs 1,146.67 crore in the year-ago quarter, according to a PTI report.

The last trading price of the stock is Rs 1218 apiece with an intraday loss of 0.40%. The stock's 52-week high is quoted at Rs 1275 apiece and 52-week low is quoted at Rs 763 apiece, respectively. The company has a market capitalisation of Rs 94,451 crore.

Total income during July-September period of 2022-23 rose to Rs 10,719.20 crore as against Rs 9,791.65 crore in the same period of 2021-22, IndusInd Bank said in a regulatory filing.

Interest income registered a jump of 14% to Rs 8,708 crore from Rs 7,650 crore. Also, income from other sources surged to Rs 2,011 crore from Rs 1,841 crore, added the PTI report.

The consolidated earnings for the quarter include numbers from subsidiary Bharat Financial Inclusion Ltd and associate IndusInd Marketing and Financial Services.

On a standalone basis, the net profit in Q2FY23 rose by 60.5% to Rs 1,786.72 crore from Rs 1,113.53 crore. Total income was up at Rs 10,718.85 crore from Rs 9,491.15 crore.

Asset quality of the bank improved with the gross non-performing assets falling to 2.11 per cent of the gross advances at end of September 2022 quarter, from 2.77 per cent by end of September 2021, stated the PTI report.

Net NPAs (bad loans) also declined to 0.61% from 0.80%. This helped in the reduction of provisions for bad loans and contingencies to Rs 1,141 crore for the second quarter of the current fiscal year from Rs 1,707 crore in year-ago period.