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IndusInd Bank Q2FY23 Results: Net Profit Jumps 60.4% To Rs 1,786.7 Crore, NII Up 18%

IndusInd Bank on Wednesday posted a 60.4 per cent jump in its net profit to Rs 1,786.72 crore for the September 2022 quarter (Q2FY23), compared with Rs 1,113.53 crore in the year-ago period. The private sector lender’s net interest income (NII) during July-September 2022 increased 18 per cent to Rs 4,302 crore.

The bank’s operating profit during the second quarter of 2022-23 jumped about 11 per cent to Rs 3,519.66 crore, compared with Rs 3,178.05 crore, IndusInd Bank said in a statement.

“The loan book quality remains stable. The gross NPAs were at 2.11 per cent of gross advances as on September 30, 2022, as against 2.35 per cent as on June 30, 2022. Net non-performing assets were 0.61 per cent of net advances as on September 30, 2022 as compared to 0.67 per cent as on June 30, 2022,” the lender said.

It added that the provision coverage ratio was consistent at 72 per cent as at September 30, 2022. Provisions and contingencies for the quarter ended September 30, 2022, were Rs 1,141 crore as compared to Rs 1,707 crores for the corresponding quarter of the previous year, reduced by 33 per cent YoY. Total loan-related provisions as on September 30, 2022, were at Rs 7,791 crore (3 per cent of loan book).

The bank’s total capital adequacy ratio as per Basel III guidelines stands at 18.01 per cent as on September 30, 2022, compared with 17.37 per cent as on September 30, 2021. Tier 1 CRAR was at 16.44 per cent as on September 30, 2022, compared with 16.68 per cent as on September 30, 2021. Risk-weighted assets were at Rs 3,ll,471 crore, against Rs 2,75,590 crore a year ago.

As of September 30, 2022, the bank’s distribution network included 2,320 branches/ banking outlets and 2,807 onsite and offsite ATMs, as against 2,015 branches/ banking outlets and 2,886 onsite and offsite ATMs as of September 30, 2021. The client base stood at 33 million as on September 30, 2022.

Sumant Kathpalia, managing director & CEO of Induslnd Bank, said, “The Indian economy continues to be amongst the best performing economies even in the wake of external disturbances and tightening monetary conditions. During the quarter, the Bank saw consistent improvement across our key business units both in terms of growth and asset quality.”

Kathpalia added that the bank’s deposits grew 15 per cent, whereas loans rose 18 per cent YoY. The loan growth was broad-based across consumer and corporate portfolios. “Our operating profit margins continue to be amongst the best in the industry supported by NIM (net interest margin) expanding to 4.24 per cent from 4.21 per cent QoQ. Our GNPAs and NNPAs reduced QoQ from 2.35 per cent to 2.11 per cent and 0.67 per cent to 0.61 per cent, respectively, driven by meaningful reduction in slippages.”

He also said that the bank’s profit after tax was at Rs 1,805 crore growing 11 per cent QoQ and 57 per cent YoY. Its capital adequacy ratio at 18.01 per cent is well above the regulatory requirements. The lender continues to invest in its physical and digital distribution to maintain the growth trajectory as per our strategic ambitions.”

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