IndusInd Bank Q2 results: Net profit rises 22%, operating profit at Rs 3,908 crore

Private sector lender IndusInd Bank Ltd reported a 22 per cent year-on-year (YoY) rise in net profit at Rs 2202.16 crore for the September quarter compared with Rs 1805.28 crore in the corresponding quarter of the last year. Interest earned zoomed 29% to Rs 11,247 crore in the September quarter against Rs 8708.03 crore in the corresponding quarter of the last year. The Q2 earnings of the bank met estimates.

Pre-provisioning operating profit of IndusInd Bank climbed 10.28% to Rs 3908.73 crore in Q2 against Rs 3544.36 crore in the September 2022 quarter.

Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose 18 percent to Rs 5,076 crore in Q2 against Rs 4,302 crore reported in the corresponding quarter of the previous fiscal.

Total deposits climbed 14% to Rs 3.59 lakh crore against Rs 3.15 lakh crore. Current account and savings account (CASA) deposits rose to Rs 1.41 lakh crore with current account deposits at Rs 49,910 crore and savings account deposits at Rs 91,527 crore. CASA deposits comprised 39 percent of total deposits as at September 30, 2023.

The lender's total advances rallied 21% to Rs 3.15 lakh crore in Q2 compared to Rs 2.60 lakh crore in the September 2022 quarter.

Gross NPAs rose to Rs 6164.22 crore in Q2 against Rs 5567.12 crore in the September 2022 quarter. However, gross NPA ratio fell to 1.93% in Q2 against 2.11% in the corresponding quarter of the previous fiscal.

Net NPA ratio slipped to 0.57% in Q2 against 0.61% in the September 2022 quarter. Net NPAs climbed to Rs 1813.76 crore in Q2 compared to Rs 1583.95 crore in the September 2022 quarter

The earnings were announced after market hours today. Shares of IndusInd Bank closed 0.97% lower at Rs 1420.80 against the previous close of Rs 1434.70 on BSE. Market cap of the lender stood at Rs 1.10 lakh crore.

Nomura India saw Q2 profit for IndusInd Bank at Rs 2,210 crore, up 23 per cent. NII was seen rising 17 per cent YoY to Rs 5,020 crore while NIM was seen at 4.3 per cent.

ICICI Securities expected IndusInd Bank to report a 28 per cent rise in net profit at Rs 2,287.80 crore on 16.3 per cent YoY jump in NII at Rs 5,002.40 crore. Pre-provision operating profit was seen rising 13.9 per cent YoY to Rs 4,008 crore.

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