On Wednesday, IndusInd Bank reported a 22 per cent rise in consolidated net profit at Rs 2,202 crore for the September quarter of 2023-24, aided by a drop in bad loans and a rise in interest income.
In the previous fiscal year, the bank made a profit of Rs 1,805 crore.
IndusInd Bank said in a regulatory filing that total income increased to Rs 13,530 crore during the quarter under review, as against Rs 10,719 crore in the same period last year.
The bank earned an interest income of Rs 11,248 crore during the quarter, as compared to Rs 8,708 crore in the same period a year ago.
On the asset quality front, the lender posted an improvement as gross non-performing assets (NPAs or bad loans) dropped to 1.93 per cent of gross advances as of September 2023 from 2.11 per cent by the year-ago same period.
Net NPAs came down to 0.57 per cent from 0.61 per cent.
As a result, provisions (other than tax) contingencies fell to Rs 974 crore in the same period last year, down from Rs 1,141 crore.
The Capital Adequacy Ratio improved to 18.21 per cent at the end of September 2023 as against 18.01 per cent a year ago.
Currently, the company shares are trading 1.17% up at RS. 1,437 on the NSE.
