IndusInd Bank has announced its earnings for the first quarter of FY24. The bank reported a net profit of ₹2,171 crore for Q1 FY24. This figure represents a modest 2.2% increase compared to ₹2,123.6 crore in the same quarter last year.

However, it fell short of the CNBC-TV18 poll estimate of ₹2,292 crore.

IndusInd Bank’s NII for the quarter was ₹5,408 crore, missing CNBC-TV18’s forecast of ₹5,541.5 crore.

The gross Non-Performing Assets (NPA) amount increased to ₹7,127 crore from ₹6,693.4 crore in the previous quarter.

The gross NPA ratio rose to 2.02% from 1.92%.

Net NPA figures also saw an uptick, reaching ₹2,095 crore compared to ₹1,968.9 crore in the last quarter.

The net NPA ratio increased to 0.60% from 0.57%.

The bank set aside ₹1,050 crore for provisions, up from ₹992 crore in the same period last year and ₹950 crore in the previous quarter.

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