IndusInd Bank Ltd. reported a year-on-year (YoY) increase of 22% in its net profit for the second quarter, ending in September, according to an exchange filing. The bank's net profit rose to Rs 2,202 crore (Rs 1 crore = $120,127), slightly below Bloomberg's estimate of Rs 2,239.7 crore.
This growth was primarily driven by an 18% YoY surge in core income, which reached Rs 5,076.7 crore. The bank's asset quality remained robust, with the gross non-performing asset (NPA) ratio decreasing to 1.93%. Additionally, the net NPA ratio fell quarter-on-quarter by 1 basis point to 0.57%.
Despite a solid second-quarter profit, IndusInd Bank's shares closed at Rs 1,421 on Wednesday, marking a decrease of 1.04%. However, it outperformed the Nifty 50, which saw a decline of 0.71%. Analysts remain optimistic about the bank's future performance due to its strong net interest income, indicating potential for sustained growth.
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