IndusInd Bank Q1FY24 net profit up 32.5% at ₹2,123 crore, net interest income up 18%

IndusInd Bank Q1 Results: Q1FY24 net profit up 32.5% at ₹2,123 crore, net interest income up 18%

Jul 18, 2023 - 22:06
 0
IndusInd Bank Q1FY24 net profit up 32.5% at ₹2,123 crore, net interest income up 18%

Private lender IndusInd Bank has announced the results of Q1FY24 i.e. first quarter (April-June) on Tuesday (July 18). The bank's standalone net profit for the quarter grew 32.5% year-on-year (YoY) to Rs 2,123.6 crore. In the same quarter last year (Q1FY23), the bank registered a net profit of Rs 1,631 crore.
The bank's net interest income grew 18% year-on-year (YoY) to Rs 4,867 crore in the June quarter. The net interest income of the bank stood at Rs 4,125.3 crore in the same quarter last year. Net Interest Margin in Q1FY24 improved to 4.29% as against 4.21% in Q1FY23 and 4.28% in Q4FY23.
The Gross Non-Performing Assets (NPA) of the bank stood at 1.94% as against 2.3% in the same period last year. During this period, the net NPA of the bank also saw improvement and it stood at 0.58%. The figure was 0.67% in the same quarter last year. The bank's gross NPAs increased by 2% to Rs 5,941 crore in the June quarter from Rs 5,826 crore in Q4 FY2023.
Similarly, the bank's net NPAs for the corresponding period stood at Rs 1,747 crore, an increase of 1.9% over the previous quarter. The operating profit of the bank stood at Rs 3,830 crore, which is 13% higher than the same quarter last year.
The bank's capital adequacy ratio stood at 18.04% in the June quarter, compared to 17.86% in the fourth quarter (March 2023) of the previous financial year. Shares of the bank closed at Rs 1,390.30, down 0.17% on BSE on Tuesday.

Muskan Kumawat Journalist & Writer