IndusInd Bank announced Q2FY23 results:
- Net Interest Income (NII) grew by 18% YoY to Rs.4,302 crore from Rs.3,658 crore
- NIM improved to 4.24% as compared to 4.07% for Q2FY22 and 4.21% for Q1FY23.
- Net Profit grew by 57% YoY to Rs.1,805 crore from Rs 1,147 crores
- Deposits grew by 15% YoY to Rs.3,15,532 crore from Rs.2,75,288 crore; CASA grew by 15% YoY
- Gross NPA and Net NPA ratios improved to 2.11% and 0.61% from 2.77% and 0.80% YoY respectively and PCR at 72% as of September 30, 2022
- CRAR as on September 30, 2022 at 18.01 % as compared to 17.37% on September 30, 2021
Mr Sumant Kathpalia, Managing Director & CEO, Induslnd Bank said: "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. Our deposits grew by 15% whereas loans grew by 18% 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 expanding to 4.24% from 4.21% QoQ. Our GNPAs and NNPAs reduced QoQ from 2.35% to 2.11% and 0.67% to 0.61% respectively driven by meaningful reduction in slippages. Consequently, our Profit After Tax was at Rs 1,805 crores growing 11% QoQ and 57% YoY. Our Capital Adequacy Ratio at 18.01 % is well above the regulatory requirements. The Bank continues to invest in its physical and digital distribution to maintain the growth trajectory as per our strategic ambitions."