IndusInd Bank Q1 Results: Net Profit Nearly Doubles On Lower Provisions

IndusInd Bank Ltd.’s quarterly profit almost doubled over a year earlier as provisions fell and other income rose.

Total advances rose 6% year-on-year to Rs 2.1 lakh crore, but were flat sequentially. Total deposits were up 26%, largely due to an uptick in retail deposits.

• Corporate advances rose 10% from a year ago to Rs 92,407 crore.

• Consumer finance increased 4% year-on-year to Rs 1.18 lakh crore. On a sequential basis, consumer loans fell by 2.67%.

• Low-cost current account savings account deposits rose by 33% year-on-year to Rs 1.12 lakh crore.

• CASA ratio improved 200 basis points from a year ago to 42% of total deposits.

"We're seeing a lot of demand from large corporate borrowers. The only issue there is price. Still, we will manage to either be at industry growth levels, or might exceed it in corporate lending," Kathpalia said, adding the bank may report a credit growth of 16-18% for the ongoing fiscal.