The bank's consolidated financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion (BFIL), a business correspondent (BC) of the bank involved in originating small ticket MFI loans for the bank and Induslnd Marketing and Financial Services (IMFS), an associate of the bank.

Net Interest Income (NII) improved by 4% QoQ and 18% YoY to Rs 4,302 crore in Q2 FY23. Net Interest Margin (NIM) for Q2 FY23 stood at 4.24% as against 4.07% for Q2 FY22.

IndusInd's operating profit rose by 10% YoY to Rs 3,544 crore in Q2 FY23. Provisions & Contingencies during the period under review amounted to Rs 1,141 crore, down 33% YoY.

Profit before tax in Q2 FY23 stood at Rs 2,403 crore, up by 59% from Rs 1,516 crore in Q2 FY22. On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 5,567 crore as on 30 September 2022 as against Rs 5,933 crore as on 30 June 2022.

Gross NPA improved to 2.11% of gross advances as on 30 September 2022 as against 2.77% as on 30 June 2022. Net non-performing assets (NPAs) were 0.61% of net advances as on 30 September 2022 as compared to 0.80% on 30 June 2022.

Provision Coverage Ratio was consistent at 72% as at 30 September 2022.

Deposits as on 30 September 2022 were Rs 3,15,532 crore as against Rs 2,75,288 crore, an increase of 15% over 30 September 2021.

Advances as of 30 June 2022 were Rs 2,60,129 crore as against Rs 2,20,808 crore, an increase of 18% over 30 September 2021.

The bank's total capital adequacy ratio as per Basel III guidelines stood at 18.01% as on 30 September 2022, as compared to 17.37% as on 30 September 2021. Tier-I CRAR was at 16.44% as on 30 September 2022 compared to 16.68% as on 30 September 2021.

Sumant Kathpalia, managing director & CEO, Induslnd Bank said: "Indian economy continues to be amongst the best performing economies even in the wake of external disturbances and tightening monetary conditions. During the quarter, the bank saw consistent improvement across our key business units both in terms of growth and asset quality. Our deposits grew by 15% whereas loans grew by 18% YoY.

The loan growth was broad-based across consumer and corporate portfolios. Our operating profit margins continue to be amongst the best in the industry supported by NIM expanding to 4.24% from 4.21% QoQ. Our GNPAs and NNPAs reduced QoQ from 2.35% to 2.11% and 0.67% to 0.61% respectively driven by meaningful reduction in slippages.

Consequently, our profit after tax was at Rs 1,805 crore growing 11% QoQ and 57% YoY. Our capital adequacy ratio at 18.01 % is well above the regulatory requirements. The bank continues to invest in its physical and digital distribution to maintain the growth trajectory as per our strategic ambitions."

IndusInd Bank caters to both consumer and corporate customers. As of 30 September 2022, the bank's distribution network included 2,320 branches/banking outlets and 2,807 onsite and offsite ATMs.

The scrip declined 3.86% to currently trade at Rs 1,171.30 on the BSE.