Latest News Today – IndusInd Bank Profit Doubles To Rs 1,016 Crore In

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IndusInd Bank Net Profit Doubles To Rs 1,016 Crore In June Quarter

The bank’s net interest income (NII) for the June quarter stood at Rs.3,564 crore

IndusInd Bank reported a net profit of Rs 1,016 crore on a consolidated basis in the April-June quarter of the financial year 2021-22, compared to Rs 510 crore in the corresponding quarter last year, marking a growth of 99 per cent year-on-year. The bank’s net profit almost doubled in the first quarter of the current fiscal, driven by growth in retail loans and lower non-performing assets (NPA) provisions, according to a regulatory filing to the stock exchanges.

The private sector lender’s non-performing assets rose slightly to 2.88 per cent of the gross advances by the end of June 2021, compared to 2.53 per cent in the year-ago period. Bad loans or net NPAs came down to 0.84 per cent from 0.86 per cent last year.

The provisioning for the bad loans and contingencies for the June quarter also reduced to Rs 1,844.02 crore, from Rs 2,258.88 crore in the corresponding quarter last year. The bank’s net interest income (NII) for the June quarter stood at Rs.3,564 crore, up by eight per cent, compared to Rs.3,309 crore in the corresponding quarter last year.

”The bank witnessed strong growth in its deposit base (up 26 per cent YoY) driven by CASA (up 33 per cent YoY). The bank was cautious in the loan growth (up six per cent) given the challenging operating environment. Our pre-provision operating profits was strong at Rs 3,185 crore. The bank has followed conservative provisioning approach with a net NPA of 0.84 per cent and a surplus provision of Rs 2,050 crore outside this for contingencies if any,” said Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank.

On Tuesday, July 27, shares of IndusInd Bank settled 0.58 per cent lower at Rs 975.65 apiece on the BSE.

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