Mumbai Private sector lender IndusInd Bank reported net profit on Wednesday 1,787 crore in the June-September quarter, up 60% from the same period last year, on the back of higher earnings and lower provisions.
The total provisions of the bank during this period were: 1,141 crore, 33% less than a year ago. The lender also reported net interest income (NII) – the difference between earned and expensed – of 4,302 crore in Q2 FY23, up 18%. Its net interest margin, a key measure of profitability, is up 4.24% compared to the previous quarter.
“Our key business units continued to improve in terms of both growth and asset quality in the quarter. Sumant Kathpalia, Chief Executive Officer, IndusInd Bank said, “The first half of the year is seasonally weak for vehicles and microfinance, but we have seen one of the best performances by all domains in recent times.”
Bank registers 18% growth in total advances as compared to a year ago 2.6 trillion by 30 September.
“We saw broad-based credit growth driven by all business units. Vehicle business registers highest ever quarterly disbursements 10,664 crore; Microfinance business saw disbursements of 9,700 crore, leaving the blip behind by regulatory changes,” Kathpalia said.
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