{"id":9538,"date":"2022-07-22T19:06:24","date_gmt":"2022-07-22T13:36:24","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=9538"},"modified":"2022-07-22T19:06:25","modified_gmt":"2022-07-22T13:36:25","slug":"indusind-bank-surges-after-quarterly-results","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/indusind-bank-surges-after-quarterly-results\/","title":{"rendered":"IndusInd Bank Announced Strong Q1 Results &#8211; Share Surges 8%"},"content":{"rendered":"\n<p>Shares of <a href=\"https:\/\/www.tickertape.in\/stocks\/indusind-bank-INBK?checklist=pro&amp;utm_source=blog&amp;utm_medium=article\" target=\"_blank\" rel=\"noreferrer noopener\">IndusInd Bank<\/a> 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.<\/p>\n\n\n\n<p>Below are the highlights of IndusInd Q1 FY 2023 results:<\/p>\n\n\n\n<ul><li>Standalone net profit jumped a steller 64% y-o-y to Rs. 1,603 cr.<\/li><li>Consolidated net profit rallied 61% y-o-y to Rs. 1,631 cr.<\/li><li>Net Interest Income (NII) improved by 16% to Rs. 4,125 cr. against Rs. 3,564 cr in Q1 FY 2022.<\/li><li>Operating profit rose by 10% y-o-y to Rs. 3,431 cr.<\/li><li>Profit before tax stood at Rs. 2,180 cr., up by an impressive 62% from Rs. 1,341 cr. in Q1 FY 2022.<\/li><li>Deposits increased 13% from Rs. 3,02,719 cr. against Rs. 2,67,233 cr. on 30 June 2021.<\/li><li>Net non-performing assets increased marginally by 0.03% in this quarter against 0.67% in the previous quarter.<\/li><li>Loan growth has rallied in this quarter to 18% from 12% last quarter.<\/li><\/ul>\n\n\n\n<p>Sumant Kathpalia, the managing director &amp; CEO of Induslnd Bank, said, &#8220;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.&#8221;<\/p>\n\n\n\n<p>He further mentioned that the company&#8217;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&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of IndusInd Bank surged around 8% on Thursday after the company announced strong Q1 FY 2023-2024 results. Here\u2019s the highlight of the results.<\/p>\n","protected":false},"author":90,"featured_media":9539,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[10,1744],"tags":[1589,1699,1058],"acf":[],"modified_by":"Anjali Chourasiya","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/07\/01-1.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9538"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/90"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=9538"}],"version-history":[{"count":1,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9538\/revisions"}],"predecessor-version":[{"id":9540,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9538\/revisions\/9540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/9539"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=9538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=9538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=9538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}