PTI | | Posted by Singh Rahul Sunilkumar
IndusInd Bank on Wednesday posted 22 per cent rise in consolidated net profit at ₹2,202 crore for September quarter 2023-24, aided by decline in bad loans and a rise in interest income.
The lender had logged a profit of ₹1,805 crore in the year-ago period.
Total income increased to ₹13,530 crore during the quarter under review, as against ₹10,719 crore in the same period last year, IndusInd Bank said in a regulatory filing.
The bank earned an interest income of ₹11,248 crore during the quarter, as compared to ₹8,708 crore in the same period a year ago.
On the asset quality front, the lender reported an improvement as gross non-performing assets (NPAs or bad loans) fell to 1.93 per cent of gross advances as of September 2023 from 2.11 per cent by the year-ago same period.
Likewise, net NPAs came down to 0.57 per cent from 0.61 per cent.
As a result, provisions (other than tax) contingencies declined to ₹974 crore as compared to ₹1,141 crore in the same quarter a year ago.
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.
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