The private lender's consolidated net profit stood at Rs 2,202.16 crore in quarter ended 30 September 2023 as compared to Rs 1,805.28 core posted in Q2 FY23, registering a growth of 21.98%.

Consolidated total income grew by 26.22% year on year to Rs 13,529.68 crore during the period under review.

Net interest income (NII) improved to Rs 5,007 crore in Q2 FY24 (up 18% YoY and up 4% QoQ). Net interest margin (NIM) for Q2 FY24 stood at 4.29% against 4.24% for Q2 FY23 and 4.29% for Q1 FY24.

The bank's pre provision operating profit (PPOP) was at Rs 3,909 crore for the quarter ended 30 September 2023, recording a growth of 10% from Rs 3,544 crore reported in the corresponding quarter previous year. PPOP/Average Advances ratio for the quarter stood at 5.2%.

Operating expenses during the quarter was at Rs 3,450 crore, up 25% from Rs 2,769 crore posted in Q2 FY23.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 6,614.22 crore as on 30 September 2023 as against Rs 5,941.12 crore as on 30 June 2023 and Rs 5,567.12 crore as on 30 September 2022. The company said that the loan book quality remains stable. The gross NPA were at 1.93% of gross advances as on 30 September 2023 as against 1.94% as on 30 June 2023 and 2.11% as on 30 September 2022.

The net NPA was at 0.57% of net advances as on 30 September 2023 as compared to 0.58% as on 30 June 2023 and 0.61% as on 30 September 2022.

The provision coverage ratio was consistent at 71% as at 30 September 2023. Provisions and contingencies for the quarter ended 30 September 2023 were Rs 974 crore as compared to Rs 1,141 crore for the corresponding quarter of previous year, reduced by 15% YoY. Total loan related provisions as on 30 September 2023 were at Rs 7,267 crore (2.3% of loan book).

Deposits as on 30 September 2023 were Rs 3,59,548 crore as against Rs 3,15,532 crore, an increase of 14% over 30 September 2022. CASA deposits increased to Rs 1,41,437 crores with current account deposits at Rs 49,910 crore and savings account deposits at Rs 91,527 crore. CASA deposits comprised 39% of total deposits as at 30 September 2023.

Advances as of September 30, 2023 were Rs 3,15,454 crore as against Rs 2,60,129 crore, an increase of 21% over 30 September 2022.

The bank's total capital adequacy ratio as per Basel III guidelines stands at 18.21% as on 30 September 2023, as compared to 18.01% as on 30 September 2022. Tier 1 CRAR was at 16.75% as on 30 September 2023 compared to 16.44% as on 30 September 2022. Risk-Weighted Assets were at Rs 3,50,376 crore as against Rs 3,11,471 crore a year ago.

Sumant Kathpalia, managing director & CEO, IndusInd Bank said, “IndusInd Bank has seen robust growth during the quarter with retail loan growth of 25% driving overall loan book growth of 21%. The bank continues to invest in new growth initiatives as seen with the launch of a digital app INDIE and scale up of affluent banking, NRI banking and home loans. We expect these initiatives should support long term growth opportunity for the bank."

IndusInd Bank caters to both consumer and corporate customers. As of 30 September 2023, the bank's distribution network included 2,631 branches/ banking outlets and 2,903 ATMs spread across geographical locations of the country and covering 1,43,000 villages while the client base stood at approximately 37 million.

The scrip ended 0.97% lower at Rs 1,420.80 on the BSE.