IndusInd Bank Q2 profit dips 40% to Rs 1,331 cr

New Delhi: IndusInd Bank on Thursday reported a 40 per cent decline in net profit at Rs 1,331 crore for the quarter ended September 30, 2024.

The lender had earned a net profit of Rs 2,202 crore in the year-ago period.

Total income rose to Rs 14,871 crore in the quarter under review, from Rs 13,530 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.

Net interest income of the bank improved by 5 per cent to Rs 5,347 crore in the July-September quarter.

Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 2.11 per cent of gross advances at the end of the September quarter of 2024, as against 1.93 per cent a year ago.

Net NPAs or bad loans also rose to 0.64 per cent, as against 0.57 per cent in the year-ago period.

As a result, provision (other than tax) and contingencies rose significantly to Rs 1,820 crore, as against Rs 974 crore at the same period a year ago.

The Capital Adequacy Ratio of the bank decreased to 16.51 per cent, from 18.21 per cent at the end of September 2023.