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regular-article-logo Sunday, 25 February 2024

IndusInd Bank reports 30 per cent jump in consolidated net profit in April-June quarter at Rs 2,124.50 crore

Private sector lender had posted net profit of Rs 1,631 crore in year-ago period

PTI Mumbai Published 19.07.23, 05:17 AM
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IndusInd Bank on Tuesday reported a 30 per cent jump in its consolidated net profit in the April-June quarter at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions.

The private sector lender had posted a net profit of Rs 1,631 crore in the year-ago period.

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Total income in the first quarter of the current fiscal rose to Rs 12,939 crore from Rs 10,113 crore in the same period a year ago. Interest earned by the bank grew to Rs 10,730 crore over Rs 8,182 crore in June 2022.

Amid a commitment by its promoters Hinduja family to infuse Rs 10,000 crore, the private sector bank’s managing director and chief executive Sumant Kathpalia said the lender has sufficient buffers to take care of growth requirements.

Kathpalia also declined to answer questions on the Hindujas’ acquisition of Reliance Capital and if units of the Anil Ambani group’s bankrupt entity will work with IndusInd Bank in the future.

The bank’s core net interest income grew 18 per cent to Rs 4,867 crore on a 22 per cent increase in advances and a 0.08 per cent expansion in the net interest margin to 4.29 per cent.

Other income was up 14 per cent to Rs 2,210 crore, while overall deposits rose 15 per cent.

The overall provisions reduced to Rs 991 crore — the best in three years — compared with Rs 1,251 crore in the year-ago period.

On the asset quality front, the gross non-performing assets ratio improved to 1.94 per cent from 2.35 per cent in the year-ago period and 1.98 per cent in the March quarter.

Kathpalia said IndusInd Bank’s vehicle finance portfolio faced some issues on the asset quality front, with the GNPA being over 2.2 per cent but added that there are some seasonal peculiarities in it as well.

ICICI Lombard

General insurer ICICI Lombard on Tuesday reported an 11.8 per cent growth in net income at Rs 390 crore for the three months ended June, driven by capital gains from investments and a higher premium income.

Premium income or the Gross Direct Premium Income (GDPI) rose 18.9 per cent at Rs 6,387 crore, beating the industry growth of 17.9 per cent in the June quarter.

Excluding crop insurance, GDPI growth was at 19.2 per cent, which was higher than the industry growth of 17.4 per cent, the company said.

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