IndusInd Bank Reports 30% Rise in Q1 Net Profit

19 Jul 2023 , 12:48 PM

IndusInd Bank, India’s fifth-largest private lender by value, announced a strong performance in the June quarter with a 30% increase in net profit, reaching Rs 2,124 crore. The bank’s profits for the same period last year stood at Rs 1,631 crore, showcasing significant growth year-on-year.

Sumant Kathpalia, Managing Director of IndusInd Bank, highlighted the successful execution of the bank’s three-year plan starting from Q1, focusing on growth, granularity, and governance. Both the consumer and corporate segments have driven the loan growth.

As per information from the sources, Kathpalia further stated that the bank is well-capitalized and does not anticipate immediate capital-raising efforts. However, they may consider raising capital if the CET-1 (common equity tier-1) ratio falls below 14%. Additionally, the bank’s promoters, the Hinduja group, have not indicated any plans for capital infusion in the near future.

The net interest income of IndusInd Bank, also known as core income, witnessed an 18% rise, reaching Rs 4,867 crore. The net interest margin stood at 4.29% as of June 30. The bank’s deposits grew by 15% year-on-year, amounting to Rs 3.47 lakh crore, while advances grew by 22% to Rs 3.01 lakh crore.

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