IndusInd Bank Q2 YoY net profit up by 52% to Rs 1401 crore, QoQ declines by 3.4%; check full result details here

Private lender IndusInd Bank Ltd on Thursday announced a 50% jump in its September-quarter net profit from a year ago due to higher net interest and other income. Net Profit for the quarter is Rs. 1,401 crores as against Rs. 920 crores in the corresponding quarter of the previous year, showing a growth of 52%. The Net Interest Income (NII) for the quarter is Rs. 2,909 crores as against Rs. 2,203 crores in the corresponding quarter of the previous year, registering a robust growth of 32%. Non-Interest Income for the quarter is Rs. 1,727 crores as against Rs. 1,317 crores in the corresponding quarter of the previous year, a growth of 31%.

Romesh Sobti, MD & CEO, IndusInd Bank said, “During Q2, the Bank has witnessed healthy growth in its topline as well as in operating profits. The benefits of the merger with Bharat Financial Inclusion Ltd. (BFIL) are perceptibly visible and accretive to earnings. Deposit growth has been very strong in the last few quarters and has continued to remain robust in this quarter as well. We have also worked towards strengthening the Balance Sheet by taking up the Provision Coverage Ratio (PCR) from 43% to 50% during the Quarter.''

The provisions and contingencies stood at Rs 737.71 crore, up 25%, from Rs 590.27 crore a year-ago period. Net NPA as on September 30, 2019 is at 1.12% as against 0.48% on September 30, 2018. Asset quality weakened for the quarter. Gross non-performing asset increased 145.33% to Rs 4,370.20 crore, from Rs 1,781.36 crore last year. On a quarterly basis, it rose 4.06% from Rs 4,199.66 crore a year ago.

Savings accounts balance as on September 30, 2019 is at Rs. 58,117 crores, rose 14% from Rs. 51,106 crores as on September 30, 2018. Total Deposits as on September 30, 2019 is at Rs. 2,07,193 crores as compared to Rs. 1,68,219 crores on September 30, 2018, up by 23%. Total Business is at Rs. 4,04,306 crores.