The private lender's consolidated net profit stood at Rs 2,124.50 crore in quarter ended 30 June 2023 as compared to Rs 1,631.14 core posted in Q1 FY23, registering a growth of 30.25%.

The bank's 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 IndusInd Marketing and Financial Services (IMFS), an associate of the bank.

Consolidated total income grew by 27.95% year on year to Rs 12,939.47 crore during the period under review.

Net interest income (NII) improved to Rs 4,867 crore in Q1 FY24 (up 18% YoY and up 4% QoQ). Net interest margin (NIM) for Q1 FY24 stood at 4.29% against 4.21% in Q1 FY23 and 4.28% in Q4 FY23.

The bank's pre provision operating profit (PPOP) was at Rs 3,831 crore for the quarter ended 30 June 2023, recording a growth of 12% from Rs 3,431 crore reported in the corresponding quarter previous year. PPOP/Average Advances ratio for the quarter stood at 5.5%.

Operating expenses in Q1 FY24 was at Rs 3,245 crore, up 24% from Rs 2,626 crore posted in Q1 FY23

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 5,941.12 crore as on 30 June 2023 as against Rs 5,826.27 crore as on 31 March 2023 and Rs 5,932.90 crore as on 30 June 2022.

The company said that the loan book quality remains stable. The gross NPA were at 1.94% of gross advances as on 30 June 2023 as against 1.98% as on 31 March 2022 and 2.35% as on 30 June 2022.

The net NPA was at 0.58% of net advances as on 30 June 2023 as compared to 0.59% as on 31 March 2022 and 0.67% as on 30 June 2022.

The provision coverage ratio was consistent at 71% as at 30 June 2023. Provisions and contingencies for the quarter ended 30 June 2023 were Rs 991 crore as compared to Rs 1,251 crore for the corresponding quarter of previous year, reduced by 21% YoY. Total loan related provisions as on 30 June 2023 were at Rs 7,239 crore (2.4% of loan book).

Deposits as on 30 June 2023 were Rs 3,47,047 crore as against Rs 3,02,719 crore, an increase of 15% over 30 June 2022.CASA deposits increased to Rs 1,38,440 crore with current account deposits at Rs 49,343 crore and savings account deposits at Rs 89,097 crore. CASA deposits comprised 40% of total deposits as at 30 June 2023.

Advances as of 30 June 2023 were at Rs 3,01,317 crore, recording a growth of 22% as against Rs 2,47,960 crore as of 30 June 2022.

The bank's total capital adequacy ratio as per basel III guidelines stands at 18.40% as on 30 June 2023, as compared to 18.14% as on 30 June 2022. Tier 1 CRAR was at 16.44% as on 30 June 2023 compared to 16.06% as on 30 June 2022. Risk-Weighted Assets were at Rs 3,34,370 crore as against Rs 3,03,188 crore a year ago.

Sumant Kathpalia, managing director & CEO, IndusInd Bank said, "The bank too began executing on its next 3-year plan (PC-6) starting Q1 focused on Growth, Granularity and Governance. The bank maintained healthy loan growth rate of 22% YoY driven by both consumer and corporate segments. The loan growth was supported by retail deposit growth (as per LCR) of 21% YoY and overall deposit growth of 15%. The asset quality metrics too improved this quarter with lower fresh slippages and provisions YoY and QoQ. The bank thus reported a healthy operating profit of Rs 3,831 crore and net profit after tax of Rs 2,124 crore growing 30% YoY."

IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2023, the bank's distribution network included 2,606 branches/ banking outlets and 2,875 onsite and offsite ATMs, as against 2,286 branches/banking outlets and 2783 onsite and offsite ATMs. The client base stood at approximately 35 million as on 30 June 2023.