IndusInd Bank Q2FY23 Results: Net profit up by nearly 60%, fall in NPAs

IndusInd Bank Result: One of the biggest private banks, Indusind Bank has recorded a net profit of Rs 1,805 crores for the quarter that ended September 30, 2022, as compared to Rs 1,147 crores during the corresponding quarter of the previous year, thereby witnessing a rise by 57% YoY.

Its net interest income (NII) during July-September 2022 Indusind Bank witnessed a rise of 18 percent to Rs 4,302 crore. Net Interest Income for the half year ended September 30, 2022, increased to Rs 8,427 crores, up by 17per cent from Rs. 7,222 crores corresponding previous half year.

Indusind Bank has shown some improvement in terms of non-performing and stressed assets. The loan book quality continued to be stable. The gross NPA was at 2.11 per cent of gross advances as on September 30, 2022, as against 2.35 per cent as on June 30, 2022.

The private sector lender’s asset quality improved during the quarter, with the gross non-performing asset ratio dipping to 2.11% from 2.35% a quarter ago and 2.77% a year ago.

IndusInd Bank's share price closed at Rs 1,218.35 today on BSE, down by 0.40 per cent.  On Nifty, the stock fell 0.76 per cent to Rs 1214. IndusInd Bank shares were trading higher than the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. In a year, the stock of IndusInd Bank has gained 1.61 per cent and risen 36.73 per cent in 2022. Total of 0.64 lakh shares of the firm changed hands amounting to a turnover of Rs 7.91 crore on BSE.