IndusInd Bank has announced its earnings for the first quarter of FY24, reporting a net profit of ₹2,171 crore. This is a modest 2.2% increase from ₹2,123.6 crore in the same period last year.
The bank’s net interest income (NII) grew by 11.1% year-on-year, reaching ₹5,408 crore compared to ₹4,867 crore a year earlier.
However, IndusInd Bank saw an increase in its gross Non-Performing Assets (NPA), which rose to ₹7,127 crore from ₹6,693.4 crore in the previous quarter. The gross NPA ratio increased to 2.02% from 1.92%. Net NPAs also rose to ₹2,095 crore from ₹1,968.9 crore, with the net NPA ratio climbing to 0.60% from 0.57%.
The bank added ₹1,536 crore in new NPAs for the quarter, up from ₹1,428 crore in the previous quarter. The rise in NPAs was notable in segments such as microfinance, credit cards, and loans against property.
To address the increased NPAs, IndusInd Bank set aside ₹1,050 crore for provisions, up from ₹992 crore a year ago and ₹950 crore in the previous quarter.
Shares of IndusInd Bank ended 1.81% higher at ₹1,404.00 on the NSE.
