IndusInd Bank Q3 net profit rises 25% to Rs936.25 crore
IndusInd Bank’s NII rises 20.04% to Rs1,894.81 crore versus Rs1,578.42 crore last year
Mumbai: Indusind Bank Ltd on Thursday reported a 24.73% jump in its December quarter net profit on the back of higher net interest income and other income.
Net profit for the quarter stood at Rs936.25 crore against Rs750.64 crore a year ago. According to eight Bloomberg analysts’ estimates, the bank was expected to post a profit of Rs945 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 20.04% to Rs1,894.81 crore versus Rs1,578.42 crore last year. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.
Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore.
Gross non-performing assets (NPAs) advanced 54.25% to Rs1,498.70 crore at the end of the December quarter from Rs971.62 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter last year.
At 3.03pm, Indusind Bank shares were trading at Rs1702.75 on BSE, down 1.84% from its previous close while India’s benchmark Sensex Index gained 0.13% to 34,477.79 points.
Editor's Picks »
- Rahul Gandhi has seriously hurt image of Indian politician before world: Arun Jaitley
- HDFC Bank Q1 profit rises 18% at Rs4,601 crore
- Day after PM Modi hug, Rahul says only love, compassion can build a nation
- State-actors likely behind Singapore cyberattack: experts
- CAG puts spanner on GE’s diesel loco manufacturing unit in Bihar
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself