IndusInd Bank net profit jumps 64% to Rs 1,603 cr in Q1FY23; NII up 16%

IndusInd Bank on Wednesday posted 64.4 per cent year-on-year (YoY) surge in its standalone net profit at Rs 1,603 crore for the April-June quarter of 2022-2023. The private lender had posted a net profit of Rs 975 crore in the year-ago period.

Its net interest income rose 15.8 per cent to Rs 4,125 crore as against Rs 3,563.7 crore in the same period last year.

The bank's interest earned in the quarter rose 8 per cent to Rs 8,182 crore as against Rs 7,575 crore in the same quarter last fiscal

Its June-quarter provisions and contingencies fell to 1,251 crore in Q1FY23 as against Rs 1,779 crore in Q1FY22.

Furthermore, the bank's asset quality in June quarter deteriorated as gross NPA came at 2.35 per cent versus 2.27 per cent in previous quarter. IndusInd Bank's net NPA also increased to 0.67 per cent from 0.64 per cent in March quarter.

Shares of IndusInd Bank on Wednesday closed 1.15 per cent higher at Rs 878.45 apiece on BSE.