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IndusInd Bank Q1 results: Net profit up 2% at Rs 2,171 crore; key highlights, management views & more

IndusInd Bank Q1 results: Net profit up 2% at Rs 2,171 crore; key highlights, management views & more

IndusInd Bank Q1 earnings: Pre-provision operating profit (PPOP) stood at Rs 3,952 crore, up 3 per cent over Rs 3,831 crore in the corresponding quarter of previous year.

Amit Mudgill
Amit Mudgill
  • Updated Jul 26, 2024 4:26 PM IST
IndusInd Bank Q1 results: Net profit up 2% at Rs 2,171 crore; key highlights, management views & moreIndusInd Bank Q1 results: Net interest margin (NIM) for the quarter came in at 4.25 per cent against 4.26 per cent in the March quarter and 4.29 per cent in the same quarter last year. 

IndusInd Bank on Friday said its net profit grew 2 per cent year-on-year (YoY) at Rs 2,171 crore for the June quarter compared with Rs 2,124 crore in the same quarter last year. Net interest income (NII) for the quarter jumped 11 per cent YoY to Rs 5,408 crore from Rs 4,867 crore in the year-ago quarter, the private lenders said in an exchange filing.

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Net interest margin (NIM) for the quarter came in at 4.25 per cent against 4.26 per cent in the March quarter and 4.29 per cent in the same quarter last year. 

Pre-provision operating profit (PPOP) stood at Rs 3,952 crore, up 3 per cent over Rs 3,831 crore in the corresponding quarter of previous year.

The bank said its yield on assets stood at 9.87 per cent in Q1 against 9.60 per cent YoY. Cost of fund stood at 5.62 per cent against 5.31 per cent YoY. Other income for the quarter came in at Rs 2,441 crore against Rs 2,210 crore, up 10 per cent YoY. Core Fee jumped 11 per cent YoY to Rs 2,348 crore against Rs 2,119 crore YoY.

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The bank said its balance sheet stood at Rs 5,30,165 crore at Q1 end, up 14 per cent YoY.

Deposits as on June 30 were Rs 3,98,513 crore against Rs 3,47,047 crore, up 15 per cent over June 30, 2023.

CASA deposits increased to Rs 1,46,134 crore with Current Account deposits at Rs 48,475 crore and Savings Account deposits at Rs 97,659 crore. CASA deposits comprised 37 per cent of total deposits as at June 30, 2024.
Advances as of June 30, 2024 were Rs 3,47,898 crore against Rs 3,01,317 crore, up 15 per cent YoY.

Managing Director and CEO, Sumant Kathpalia said the Indian economy maintained its robust momentum. Certain pockets of economy, especially on the rural segments, was impacted by the activity related to the general elections and heat wave, he said.

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"The bank navigated these external factors well during the quarter and we are seeing underlying businesses already coming back to normalcy. The Bank focused on balanced growth between loans and deposits, both growing by 15 per cent YoY. The asset quality metrics have remained well within bank’s expected range. The balance sheet metrics in terms of liquidity, capital adequacy, NPA coverage were stable or better during the quarter,"  Kathpalia  said.

The CMD said his bank remains well positioned to deliver its strategic growth aspirations participating in the India's vision to be a developed economy.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jul 26, 2024 4:19 PM IST
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