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IndusInd Bank Q1 profit rises 30 % to Rs 2,124 croreInterest earned by the bank grew to Rs 10,730 crore over Rs 8,182 crore in June 2022.
Reuters
Last Updated IST
Representative image. Credit: iStock Photo
Representative image. Credit: iStock Photo

Private sector lender IndusInd Bank on Tuesday reported a 30 per cent rise in net profit at Rs 2,124 crore for the June quarter, helped by a decline in bad loans.

The private sector lender had posted a net profit of Rs 1,631 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 12,939 crore from Rs 10,113 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.

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Interest earned by the bank grew to Rs 10,730 crore over Rs 8,182 crore in June 2022.

The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.94 per cent of gross advances at the end of the June quarter from 2.35 per cent a year ago.

Similarly, net NPAs or bad loans, eased to 0.58 per cent as against 0.67 per cent in the year-ago period.

Capital adequacy ratio of the bank increased to 18.40 per cent from 18.14 per cent in the same quarter of FY23.

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(Published 18 July 2023, 19:49 IST)