Keeping up with the tradition of being the first bank, be it private sector or public to declare its numbers, Indusind Bank set the mood by posting   good set of numbers for Q1FY14. The bank posted a 42% (YoY) rise in net profit at Rs.335 crore, mainly on the back of a good growth in other income and net interest income (NII). Its NII was up 40% (YoY) and 3% sequentially and its other income was up 48% (YoY). Its loan book rose 27% at Rs.47,425 crore and deposits were up 23% at Rs.55,660 crore.  NIM was at 3.72% v/s 3.7% in Q4FY13 and 3.22% in Q4FY13. Return on Asset was healthiest over the past few quarters at 1.83% v/s 1.57% (YoY). Its cost to income ratio has also come down considerably to 44.21% compared to 47.19% sequentially.

In terms of its asset quality, Net NPA came in at 0.21%  v/s 0.31% (QoQ) and 0.27% (YoY), which means that the company has made a higher provisioning for bad loans. Explaining this, the bank has explained that it has created floating provision of Rs 50 crore during the quarter, which is in excess of minimum requirements prescribed by RBI. However Gross NPA was a bit disappointing at gross 1.06% v/s 0.97% (YoY). Provisions and contingencies rose  2.5 times at Rs.132 crore, up from Rs.53 crore in Q1FY13. CASA improved marginally to 30% from 29.3% (QoQ). As at 30^th June 2013, it had 530 branches across India.