Indusind Bank on Wednesday reported a marginal rise in its December-quarter net profit due to higher provisions and contingencies. Net profit for the quarter rose 4.6% to Rs 985.03 crore from Rs 936.25 crore a year ago. According to Bloomberg estimates, the lender was expected to post a profit of Rs 810.50 crore.
Bloomberg reported that Indusind’s IL&FS total provision was at Rs 600 crore, and that the bank has Rs 2000 crore exposure to IL&FS Holding company.
Provisions and contingencies surged 156.89% to Rs606.68 crore in the quarter from Rs236.16 crore a year ago. On a quarter-on-quarter basis, it rose marginally 2.78% from Rs590.27 crore.
Net interest income (NII), or the core income a bank earns by giving loans, was up 20.76% to Rs2288.09 crore versus Rs1894.81 crore last year. Other income was at Rs1468.85 crore, up 23.77% from Rs1186.76 crore a year ago.
Gross non-performing assets (NPAs) rose 31.32% to Rs1968.15 crore at the end of the December quarter from Rs1498.70 crore in the same quarter last year.
As a percentage of total loans, gross NPAs was at 1.13% as compared with 1.16% in the year-ago quarter. Net NPAs were at 0.59% against 0.46% a year ago.
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