Q3FY17: IndusInd Bank beats estimate, reports 29% rise in net profit
While provisions and contingencies was at Rs 216.85 crore, increasing by 22.45% yoy and 1.38%. On the other hand gross non-performing assets (GNPA) stood at 0.94%, expanding by 10 basis points yoy and 4 basis points qoq.
IndusInd Bank surpassed analysts estimates by reporting 29.19% year-on-year (yoy) rise in net profit in the third quarter result for December 31,2016.
The bank reported net profit of Rs 750.64 crore against Rs 581.02 crore in the corresponding period of the previous year. Also it registered growth of 6.58% from Rs 704.26 crore of the preceding quarter.
A Bloomberg poll estimated IndusInd Bank to report net profit of Rs 725 crore in the Q3FY17.
This Q3, bank's net interest income stood at Rs 1578.42 crore, clocking growth of 34.51% yoy and 8.08% qoq.
Provisions and contingencies was at Rs 216.85 crore, increasing by 22.45% yoy and 1.38%. On the other hand gross non-performing assets (GNPA) stood at 0.94%, expanding by 10 basis points yoy and 4 basis points qoq.
Minutes after the announcement of result, the shares of IndusInd Bank reached at Rs 1168-level on BSE. However, it closed at Rs 1167 per share up by Rs 7.30 or 0.63%.
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