IndusInd Bank Q2 results: Net profit jumps 22% on robust growth in loans

(Reuters) -Indian private lender IndusInd Bank reported a 22.1% rise in second-quarter profit on Wednesday, helped by robust growth in loans and core lending income.

Indian private lender IndusInd Bank reported a 22.1% rise in second-quarter profit on Wednesday, helped by robust growth in loans and core lending income.

Net profit rose to 21.81 billion rupees ($262.00 million) in the three months ended Sept. 30 compared with 17.87 billion rupees a year earlier.

Net advances in the quarter jumped 21% year-on-year, the bank said in an update earlier this month, while deposits registered a rise of 14%.

Indian lenders have been reporting double-digit loan growth consistently over the past few months, despite the Reserve Bank of India having hiked interest rates by 250 basis points since May 2022.

Banks have also shored up their deposit base to keep up with healthy loan demand and tightened liquidity conditions.

IndusInd's net interest income - the difference between interest earned and paid - rose 18% to 50.77 billion rupees while provisions and contingencies, or funds set aside to cover loan losses were down 14.7% to 9.74 billion rupees.