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Higher income and lower provisions enabled IndusInd Bank Ltd to close the first quarter of FY24 with a net profit of Rs 2,123.62 crore.

However, the bank’s gross and net non-performing assets (NPA) numbers saw an increase during the period under review as compared to the previous year's corresponding period.

In a regulatory filing, the private bank said it closed Q1FY24 with a net profit of Rs 2,123.62 crore and a total income of Rs 12,939.42 crore up from Rs 1,603.29 crore of profit and a total income of Rs 10,110.47 crore logged during Q1FY23.

For the period under review, the bank had provided Rs 991.57 crore under provisions and contingencies down from Rs.1,250.99 crore provided during the corresponding period of the previous year. As on June 30, the Gross NPA stood at Rs 5,941.12 crore (again Rs 5,932.90 crore on June 30, 2022) and the net NPA was at Rs 1,746.93 crore (Rs 1,661.21 crore on June 30, 2022).