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MUMBAI : Private sector lender IndusInd Bank on Wednesday reported a net profit of ₹1,787 crore in the June-September quarter, up 60% from the same period last year, on the back of higher income and lower provisions.
The bank’s total provisions during the period stood at ₹1,141 crore, down 33% from a year earlier. The lender also reported a net interest income (NII) – difference between interest earned and expended – of ₹4,302 crore in Q2 FY23, up 18%. Its net interest margin, a key measure of profitability, touched 4.24%, higher than the preceding quarter.
“The quarter saw continued improvement across our key business units, both in terms of growth and asset quality. The first part of the year is seasonally weak for vehicles and microfinance, but we have seen one of the best performances by all the domains in the recent past,” said Sumant Kathpalia, chief executive, IndusInd Bank.
The bank reported an 18% growth in overall advances from a year ago to ₹2.6 trillion as on 30 September.
“We saw broad-based loan growth, driven by all business units. The vehicle business recorded highest-ever quarterly disbursement of ₹10,664 crore; the microfinance business saw disbursements of ₹9,700 crore, putting behind the blip from regulatory changes,” said Kathpalia.
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