Last Updated on Jul 22, 2022 by Anjali Chourasiya
Shares of IndusInd Bank surged around 8% on Thursday after the company announced strong Q1 FY 2023-2024 results. The company reported an impressive 64% y-o-y surge in its net profit for the quarter.
Below are the highlights of IndusInd Q1 FY 2023 results:
- Standalone net profit jumped a steller 64% y-o-y to Rs. 1,603 cr.
- Consolidated net profit rallied 61% y-o-y to Rs. 1,631 cr.
- Net Interest Income (NII) improved by 16% to Rs. 4,125 cr. against Rs. 3,564 cr in Q1 FY 2022.
- Operating profit rose by 10% y-o-y to Rs. 3,431 cr.
- Profit before tax stood at Rs. 2,180 cr., up by an impressive 62% from Rs. 1,341 cr. in Q1 FY 2022.
- Deposits increased 13% from Rs. 3,02,719 cr. against Rs. 2,67,233 cr. on 30 June 2021.
- Net non-performing assets increased marginally by 0.03% in this quarter against 0.67% in the previous quarter.
- Loan growth has rallied in this quarter to 18% from 12% last quarter.
Sumant Kathpalia, the managing director & CEO of Induslnd Bank, said, “The Q1 FY 2023 witnessed turbulent operating environment with interlinkages of inflation, reversal of accommodative monetary policy and Russia-Ukraine conflict playing out. The first quarter of a financial year is also a seasonally weak quarter for some businesses.”
He further mentioned that the company’s vehicle and microfinance had the best Q1 disbursements in history. Their consumer and corporate segment maintained a steady growth. As of 30 June 2022, the bank’s distribution network included 2,286 branches and 2,783 onsite and offsite ATMs as compared to a year-ago period. Moreover, the current client base stood at 32 mn.
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