The Board of Directors of IndusInd Bank Ltd. approved the bank’s results for the quarter ended September 30, 2021 at their meeting held in Mumbai on October 27, 2021. The consolidated Net Profit for the quarter ended September 30 was Rs. 1,147 crores as compared to Rs. 663 crores during corresponding quarter of previous year up by 73% YoY. Pre Provision Operating Profit (PPOP) at Rs. 3,219 crores for the quarter ended September 30 grew by 13% over the corresponding quarter of previous year at Rs. 2,852 crores. PPOP / Advances ratio for the quarter ended September 30 steady at 5.97% compared to 6.02% a quarter ago.

The Bank’s Net Interest Income for the quarter ended September 30 at Rs. 3,658 crores, up by 12% from Rs. 3,278 crores for the quarter ended September 30, 2020. Net Interest Margin for Q2 FY22 stood at 4.07% marginally lower than 4.16% for Q2 FY21 mainly due to surplus liquidity placed under repo with RBI. Fee income at Rs. 1,838 crores for the quarter ended September 30 as against Rs. 1,554 crores for the corresponding quarter of previous year up by 18% YoY. Core Fee up by 42% to Rs. 1,506 crores as against Rs. 1,061 corresponding quarter of previous year. Operating expenses for the quarter ended September 30, 2021 were Rs. 2,277 crores as against Rs. 1,980 crores for the quarter ended September 30, 2020.

The Bank’s gross non-performing assets were at 2.77% of gross advances as on September 30, 2021 as against 2.88% as on June 30, 2021 and 2.21% as on September 30, 2020. Net nonperforming assets were 0.80% of net advances as on September 30, 2021 as compared to 0.84% on June 30, 2021.

Commenting on the performance, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said: “The second quarter of this financial year witnessed economic activity gradually improving with easing mobility restrictions, rising pace of vaccination crossing 1 billion mark and supportive fiscal and monetary measures. The Bank too saw momentum across disbursements, deposits and collections. Our loan book grew by 10%, deposits by 21% and CASA by 26% year-on-year. Our Net Interest Margins were stable at 4.07% while the client fees saw strong recovery thereby boosting our operating profits by 13% YoY to Rs. 3,219 crores. The GNPA and NNPA ratios improved QoQ to 2.77% and 0.80% from 2.88% and 0.84% respectively with comfortable provision coverage ratio of 72%. As the risks from Covid continue to subside, the Bank is well positioned to maintain the growth momentum.”