Indusind Bank on Monday reported a 4.6% rise in its September-quarter net profit due to higher provisions and contingencies. Net profit for the quarter stood at Rs 920.25 crore against Rs 880.10 crore a year ago. On quarter on quarter basis, net profit declined 11.15% from Rs 1035.72 crore. According to Bloomberg, the lender expected to post a profit of Rs 920 crore.
Net interest income (NII), or the core income a bank earns by giving loans, was up 21% to Rs2203.28 crore versus Rs1820.99 crore last year. Other income was at Rs1317.28 crore, up 11% from Rs1187.57 crore a year ago.
Provisions and contingencies surged 100.94% to Rs590.27 crore in the quarter from Rs293.75 crore a year ago. On a quarter-on-quarter basis, it jumped 68.64% from Rs350.01 crore.
Gross non-performing assets (NPAs) rose 32.42% to Rs1781.36 crore at the end of the September quarter from Rs1345.28 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.09% as compared with 1.08% in the year-ago quarter. Net NPAs were at 0.48% against 0.44% a year ago.
Advances for the quarter grew 32.44% to Rs 1.63 trillion while deposits rose 19% to Rs 1.68 trillion.
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