Business News | IndusInd Bank Q1 Net Profit Rises 61 Per Cent to Rs 1,631 Crore

Mumbai (Maharashtra) [India], July 20 (ANI): IndusInd Bank Limited on Wednesday reported a net profit of Rs 1,631 crore for the first quarter of the current financial year as compared to Rs 1,016 crore recorded in the corresponding quarter of the previous year, registering a year-on-year growth of 61 per cent.

Pre Provision Operating Profit (PPOP) of the bank stood at Rs 3,431 crore for the quarter ended June 30, 2022, registered a growth of 10 per cent over the corresponding quarter of the previous year at Rs 3,121 crore. PPOP / advance ratio for the quarter ended June 30, 2022 stood steady at 5. 70 per cent.

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The bank's net interest income for the quarter ended June 30, 2022 stood at Rs 4,125 crore, registering a growth of 16 per cent YoY and 4 per cent quarter-on-quarter basis.

Net interest margin for the first quarter of the current financial year stood at 4.21 per cent against 4.06 per cent for the corresponding quarter of the previous year.

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During the fourth quarter of 2021-22, the bank's net interest margin stood at 4.20 per cent.

The Board of Directors of lndusInd Bank Limited approved the financial results of the Bank for the Quarter ended June 30, 2022, at their meeting held in Mumbai on Wednesday.

The Bank's financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.

IndusInd Bank's gross non-performing assets (NPA) stood at 2.35 per cent of gross advances as on June 30, 2022 as against 2.27 per cent as on March 31, 2022.

Net non-performing assets were 0.67 per cent of net advances as on June 30, 2022 as compared to 0.64 per cent on March 31, 2022.

The Provision Coverage Ratio was consistent at 72 per cent as at June 30, 2022. Provisions and contingencies for the quarter ended June 30, 2022 were Rs 1,251 crore as compared to Rs 1,780 crore for the corresponding quarter of previous year, reduced by 30 per cent year-on-year.

Total loan-related provisions as on June 30, 2022, stood at Rs 8,370 crore, which is 3.38 per cent of loan book. (ANI)

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