Money & Banking

IndusInd Bank net profit surges 111.7% in Q1

Our Bureau Mumbai | Updated on July 27, 2021

Lower provisions and rise in net interest income aid growth in the quarter

Private sector lender IndusInd Bank’s standalone net profit more than doubled and surged by 111.7 per cent in the first quarter of 2021-22 led by lower provisions and robust growth in net interest income.

For the quarter ended June 30, 2021, the lender reported standalone net profit of ₹ 974.95 crore as compared to ₹ 460.64 crore in the corresponding quarter of last fiscal.

Total income grew by 7.8 per cent in the first quarter of the fiscal to ₹ 9,355.77 crore as against ₹ 8,680.92 crore a year ago.

IndusInd Bank to raise ₹30,000 cr

Net interest income

Net interest income also increased by a similar 7.7 per cent to ₹3,563.71 crore in the April to June 2021 quarter from ₹ 3,309.19 crore in the same period last fiscal.

Net interest margin was lower at 4.06 per cent as on June 30, 2021 from 4.28 per cent a year ago. In a statement on Tuesday, the bank said this was due to lower credit offtake and surplus liquidity placed under repo with RBI

Other income jumped up by 17.2 per cent on a year-on-year basis to ₹ 1,781.07 crore during the quarter.

The bank’s provisions declined by 18.4 per cent to ₹ 1,844.02 crore in the first quarter of the fiscal from ₹ 2,258.88 crore a year ago.

However, asset quality deteriorated amidst the second wave of the Covid-19 pandemic.

IndusInd Bank net profit surges 190 per cent in Q4

NPAs

Gross non-performing assets rose to ₹ 6,185.76 crore or 2.88 per cent of gross advances as on June 30, 2021 from 2.53 per cent a year ago and 2.67 per cent as on March 31, 2021.

Net NPAs were at almost the same level at 0.84 per cent of net advances as on June 30, 2021 from 0.86 per cent a year ago. However, on a sequential basis it was much higher compared to 0.69 per cent as on March 31, 2021.

Restructured book was 2.7 per cent as on June 30, 2021.

Published on July 27, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like