IndusInd Bank soars after strong Q1 performance

21 Jul 2022 , 11:51 AM

The banks consolidated net profit increased by 61% YoY to Rs 1,631 crore on a 15% rise in total income to Rs 6,057 crore in the first quarter. The banks consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and Induslnd Marketing and Financial Services (IMFS), an associate of the bank. Net Interest Income (NII) improved by 16% to Rs 4,125 crore in Q1 FY23 from Rs 3,564 crore in Q1 FY22. Net Interest Margin (NIM) for Q1 FY23 stood at 4.21% as against 4.06% for Q1 FY22. IndusInds operating profit rose by 10% YoY to Rs 3,431 crore in Q1 FY23. Provisions & Contingencies during the period under review amounted to Rs 1,251 crore, down 30% YoY. Profit before tax in Q1 FY23 stood at Rs 2,180 crore, up by 62% from Rs 1,341 crore in Q1 FY22. On the asset quality front, the banks gross non-performing assets (NPAs) stood at Rs 5,933 crore as on 30 June 2022 as against Rs 5,517 crore as on 31 March 2022. Gross NPA were at 2.35% of gross advances as on 30 June 2022 as against 2.27% as on 31 March 2022. Net non-performing assets (NPAs) were 0.67% of net advances as on 30 June 2022 as compared to 0.64% on 31 March 2022. Provision Coverage Ratio was consistent at 72% as at 30 June 2022. Deposits as on 30 June 2022 were Rs 3,02,719 crore as against Rs 2,67,233 crore, an increase of 13% over 30 June 2021. Advances as of 30 June 2022 were Rs 2,47,960 crore as against Rs 2,10,727 crore, an increase of 18% over 30 June 2021. The banks total capital adequacy ratio as per Basel III guidelines improved to 18.14% as on 30 June 2022, as compared to 17.57% as on 30 June 2021. Tier-I CRAR was at 16.55% as on 30 June 2022 compared to 16.87% as on 30 June 2021. Separately, IndusInd Bank announced a partnership with EazyDiner – Indias leading table reservation, food discovery & restaurant payment platform, to launch a tailor-made co-branded credit card – EazyDiner IndusInd Bank Credit Card. Soumitra Sen, head – Consumer Banking and Marketing, IndusInd Bank said, ?IndusInd Bank has always been a pioneer in bringing forth some of the most innovative propositions through its exclusive suite of credit cards. We are now delighted to collaborate with EazyDiner, to launch the EazyDiner IndusInd Bank Credit Card that aims to transform the dining experience. We believe this partnership will help the Bank expand our lifestyle based offerings even further, helping our customers enjoy rewards & additional discounts.? IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2022, the banks distribution network included 2,286 branches/banking outlets and 2,783 onsite and offsite ATMs. Powered by Capital Market – Live News