IndusInd Bank Q1 profit drops 72% to Rs 604 crore

MUMBAI: IndusInd Bank returned to profit in Q1FY25, although net profit fell sharply by 72.2% to Rs 604.1 crore from Rs 2,170.7 crore a year earlier. The decline was driven by higher provisions and a contraction in core lending profitability, even as other income more than tripled. The bank had reported a loss of Rs 2,329 crore in the preceding quarter after incurring losses on derivatives, which led to the managing director and deputy managing director stepping down. Total income slipped 3.8% to Rs 14,420.8 crore, while interest earned declined 2.3% to Rs 12,263.9 crore; interest expenses rose 6.8% to Rs 7,624.1 crore.