IndusInd Bank Q2 profit up 22% to Rs 2,202 cr

New Delhi: IndusInd Bank on Wednesday posted 22 per cent rise in consolidated net profit at Rs 2,202 crore for September quarter 2023-24, aided by decline in bad loans and a rise in interest income.

The lender had logged a profit of Rs 1,805 crore in the year-ago period.

Total income increased to Rs 13,530 crore during the quarter under review, as against Rs 10,719 crore in the same period last year, IndusInd Bank said in a regulatory filing.

The bank earned an interest income of Rs 11,248 crore during the quarter, as compared to Rs 8,708 crore in the same period a year ago.

On the asset quality front, the lender reported an improvement as gross non-performing assets (NPAs or bad loans) fell to 1.93 per cent of gross advances as of September 2023 from 2.11 per cent by the year-ago same period.

Likewise, net NPAs came down to 0.57 per cent from 0.61 per cent.

As a result, provisions (other than tax) contingencies declined to Rs 974 crore as compared to Rs 1,141 crore in the same quarter a year ago.

The Capital Adequacy Ratio improved to 18.21 per cent at the end of September 2023 as against 18.01 per cent a year ago.