IndusInd Bank reported 64% rise in standalone net profit to Rs 1,603 crore on a 9% increase in total income to Rs 10,110 crore in Q1 FY23 over Q1 FY22.
The bank's consolidated net profit increased by 61% YoY to Rs 1,631 crore on a 15% rise in total income to Rs 6,057 crore in the first quarter.
The bank's consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and Induslnd Marketing and Financial Services (IMFS), an associate of the bank.
Net Interest Income (NII) improved by 16% to Rs 4,125 crore in Q1 FY23 from Rs 3,564 crore in Q1 FY22. Net Interest Margin (NIM) for Q1 FY23 stood at 4.21% as against 4.06% for Q1 FY22.
IndusInd's operating profit rose by 10% YoY to Rs 3,431 crore in Q1 FY23. Provisions & Contingencies during the period under review amounted to Rs 1,251 crore, down 30% YoY.
Profit before tax in Q1 FY23 stood at Rs 2,180 crore, up by 62% from Rs 1,341 crore in Q1 FY22. On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 5,933 crore as on 30 June 2022 as against Rs 5,517 crore as on 31 March 2022.
Gross NPA were at 2.35% of gross advances as on 30 June 2022 as against 2.27% as on 31 March 2022. Net non-performing assets (NPAs) were 0.67% of net advances as on 30 June 2022 as compared to 0.64% on 31 March 2022.
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Provision Coverage Ratio was consistent at 72% as at 30 June 2022.
Deposits as on 30 June 2022 were Rs 3,02,719 crore as against Rs 2,67,233 crore, an increase of 13% over 30 June 2021.
Advances as of 30 June 2022 were Rs 2,47,960 crore as against Rs 2,10,727 crore, an increase of 18% over 30 June 2021.
The bank's total capital adequacy ratio as per Basel III guidelines improved to 18.14% as on 30 June 2022, as compared to 17.57% as on 30 June 2021. Tier-I CRAR was at 16.55% as on 30 June 2022 compared to 16.87% as on 30 June 2021.
Sumant Kathpalia, managing director & CEO, Induslnd Bank said: "The Q1 FY23 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.
The bank has nevertheless focused on delivering on its strategic ambitions. Our loan growth has accelerated to 18% from 12% last quarter. Our vehicle and microfinance had best QI disbursements in their history. Consumer and Corporate segments maintained steady growth.
Retailisation of liabilities continues with 16% growth in CASA, 17% growth in Retail deposits as per LCR resulting in overall deposit growth of 13%. All key profitability metrics across NIMs, core PPOP margin, RoA and RoE have maintained positive trajectory.
IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2022, the bank's distribution network included 2,286 branches/banking outlets and 2,783 onsite and offsite ATMs.
The scrip rose 1.20% to currently trade at Rs 878.90 on the BSE.
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