India's fifth largest private lender - IndusInd Bank - has clocked a 2.2 percent on year growth in net profit at Rs 2,171 crore in the first quarter of the current financial year.

A Moneycontrol poll of 7 brokerage estimates had pegged IndusInd Bank's fiscal first quarter net profit at Rs 2,370 crore, and net interest income at Rs 5,533 crore.

The loan book quality remains stable. Gross NPA were at 2.02% of gross advances as on June 30, 2024 as against 1.92 percent as on March 31, 2024. Net NPA were 0.60 percent of net advances as on June 30, 2024 as compared to 0.57 percent as on March 31, 2024.

The Provision Coverage Ratio was consistent at 71 percent as at June 30, 2024. Provisions and contingencies for the quarter ended June 30, 2024 were Rs 1,050 crores as compared to Rs 991 crores for the corresponding quarter of previous year, increase by 6 percent YoY. Total loan related provisions as on June 30, 2024 were at Rs 7,537 crores (2.2 percent of loan book).

Deposits as on June 30, 2024 were Rs 3.98 lakh crores as against Rs 3.47 lakh crores, an increase of 15 percent over June 30, 2023.

CASA deposits increased to Rs 1.46 lakh crore with Current Account deposits at Rs 48,475 crores and Savings Account deposits at Rs 97,659 crores. CASA deposits comprised 37 percent of total deposits as at June 30, 2024.

Advances as of June 30, 2024 were Rs 3,47,898 crores as against Rs 3,01,317 crores, an increase of 15 percent as compared to June 30, 2023.

Net Interest Income for the quarter June 30, 2024 at Rs 5,408 crores, grew by 11 percent YoY and 1 percent QoQ.

Net Interest Margin for Q1 of FY25 stood at 4.25 percent against 4.29 percent for Q1 of FY24 and 4.26 percent for Q4 of FY24.

Yield on Assets stands at 9.87 percent for the quarter ended June 30, 2024 as against 9.60 percent for the corresponding quarter of previous year.

Cost of Fund stands at 5.62 percent as against 5.31 percent for corresponding quarter of previous year.

Other income at Rs 2,441 crores for the quarter ended June 30,2024 as against Rs 2,210 crores for the corresponding quarter of previous year, grew by 10 percent YoY.

Core Fee grew by 11 percent YoY to Rs 2,348 crores as against Rs 2,119 crores
for the corresponding quarter of previous year.

Consequent to this transition on April 01, 2024, the bank has rccognised a net gain of Rs 165.26 crore (net of taxes) which has been credited to the general reserve, amounts of previous quarter and corresponding quarter of the previous year are not comparable.