IndusInd Bank Q1 Results: Profit Up 2%, Operating Expenses Rise

IndusInd Bank Ltd.'s profit rose in the first quarter of the current fiscal 2025, missing analysts' estimates.

The lender's consolidated net profit rose 2% year-on-year to Rs 2,171 crore in the quarter ended June 2024 , according to an exchange filing on Friday. Analysts polled by Bloomberg estimated a net profit of Rs 2,358.6 crore.

IndusInd Bank Q1 Results: Key Highlights (Consolidated)

• Net profit rose 2% to Rs 2,171 crore. (YoY)

• Net interest income rose 11% to Rs 5,408 crore. (YoY)

• Gross NPA at 2.02% versus 1.92% (QoQ)

• NNPA at 0.60% versus 0.57% (QoQ)

The lender's asset quality position worsened with gross non-performing asset ratio rising 10 basis points sequentially to 2.02%. Net NPA ratio too rose 3 bps quarter-on-quarter. Fresh NPA additions during the quarter stood at Rs 1,536 crore, compared to Rs 1,428 crore in the March quarter.

The rise in NPA came from segments such as microfinance (5.16%), cards (3.07%), loans against property (3.14%) and commercial vehicles (1.07%).

The bank's advances rose 15% year-on-year to Rs 3.48 lakh crore. Corporate loans for the bank rose 12.8% year-on-year to Rs 1.57 lakh crore. The microfinance book fell by 5.5% quarter-on-quarter to Rs 37,046 crore, while credit card loans remained flat at Rs 10,786 crore.

Total deposits for the lender rose 15% from a year ago to Rs 3.98 lakh crore. The ratio of low cost current account savings accounts deposits stood at 37% as of June 30, lower by 10 bps quarter-on-quarter.