Private sector lender IndusInd Bank on October 18 reported a net profit of Rs 2202 crore for the July-September quarter of the current financial year, up 22 percent from the year-ago period, beating market estimates of Rs 2,128 crore.
The net interest income (NII), the difference between the interest earned from lending activities and the interest paid, came in at Rs 5,076 crore, 18 percent higher than Rs 4,302 crore reported in the corresponding quarter of the previous fiscal.
The NII was higher than analysts’ expectations of Rs 4,896 crore.
The bank's asset quality also improved during the quarter. Gross non-performing assets (NPAs) stood at 1.93 percent, down from 2.11 percent in the year-ago period. Net NPA, too, improved to 0.57 percent from 0.61 percent.
The net interest margin (NIM) of the bank was at 4.29 percent compared to 4.24 percent in the corresponding quarter last year.
Total deposits were at Rs 3.59 lakh crore as against Rs 3.15 lakh crore, an increase of 14 percent. Current account and savings account (CASA) deposits increased to Rs 1.41 lakh crore with current account deposits at Rs 49,910 crore and savings account deposits at Rs 91,527 crore.
CASA deposits comprised 39 percent of total deposits as at September 30, 2023.
The lender's total advances were Rs 3.15 lakh crore compared to Rs 2.60 lakh crore, a 21 percent YoY jump.
The IndusInd Bank stock closed 1.04 percent down at Rs 1421 apiece on BSE.
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