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The net profit of Indusind Bank saw a jump of 60.5% from Rs. 1,016.11 crores in the same period of the previous year to Rs 1,631.02 crore for the quarter ended June.
The total income reported by the bank in its first quarter was Rs 10,113.29 crore as against Rs 9,298.07 crore in the same period a year ago. According to a regulatory filing, Interest income in the June quarter rose 9.5% to Rs 8,181.77 crore compared to the year-ago period.
L&T finance Q1 results are live, read more.
The Gross Non-Performing Assets (NPAs) for the bank improved to 2.35% of the gross advances for the first quarter as against 2.88% in the year-ago period. When compared with the last quarter's results of March 2022, the Gross NPA increased by 0.07% in the June quarter.
On an annual basis, the net NPAs of the bank fell by 0.17% which stood at Rs. 1,661.21 crores for the first fiscal quarter of the financial year 2022-23.
The Net Interest Margin (NIM) of the bank improved by 10 basis points (bp) from 4.2% to 4.21% in the first quarter of the F.Y 22-23.
Besides the NPAs, there was also a decline in the provisioning and contingencies of the bank of Rs 1,250.99 crore for the June quarter as compared with Rs 1,779.33 crore for the previous year the same period. In the March quarter, the provisions and contingencies stood at Rs 1,461.62 crore.
The shares of the bank rose by 7.82% on 21st July 2022 on NSE to close at Rs. 948.10.
-by Gautam
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