IndusInd Bank's consolidated net profit jumps 57% to Rs 1,805 cr in Q2

Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 2.11% at the end of September, from 2.35% at the end of June

Private sector IndusInd Bank on Wednesday reported over 57 per cent jump in its consolidated net profit at Rs 1,805.22 crore in the quarter ended September 2022.

The bank had posted a net profit of Rs 1,146.67 crore in the year-ago quarter.

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 rose by 14 per cent to Rs 8,708 crore from Rs 7,650 crore. Also, income from other sources grew to Rs 2,011 crore from Rs 1,841 crore.

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 per cent 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.

Net NPAs (bad loans) too came down to 0.61 per cent from 0.80 per cent. 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.

IndusInd Bank scrip closed at Rs 1,218.35 apiece on BSE, down by 0.40 per cent.