Indusind Bank Q2 net profit surges 25%
Indusind Bank Ltd on Thursday said its net profit for the September quarter rose 25% from a year ago on higher net interest income.
Net profit for the quarter stood at Rs880.10 crore, as against Rs704.26 crore a year ago. According to estimates of 15 Bloomberg analysts, the bank was expected to report a profit of Rs886.50 crore.
Net interest income, the core income a bank earns by giving loans, rose 24.7% to Rs1,820.99 crore from Rs1,460.31 crore last year. Other income was at Rs1,187.57 crore, up 22.38% from Rs970.42 crore.
Provisions and contingencies surged 37% to Rs293.75 crore against Rs213.88 crore in the same quarter last year.
On a quarter-on-quarter basis, it declined 5.23% from Rs309.97 crore.
Gross non-performing assets (NPAS) rose 49.6% to Rs1,345.28 crore from Rs899.01 crore a year ago.
As a percentage of total loans, gross NPAS stood at 1.08%, as against 1.09% in the previous quarter and 0.9% in the year-ago quarter. Net NPAS were at 0.44% in the September quarter, as against 0.44% in the previous quarter and 0.37% in the same quarter last year. Advances for the quarter rose 24.5% to Rs1.23 trillion from a year ago. Deposits rose 26% to Rs1.41 trillion.
The bank said it is still evaluating the deal with Bharat Financial Inclusion Ltd. In September, Indusind Bank and Bharat Financial Inclusion announced that they will start talks for a merger.
Shares of Indusind Bank rose 1.47% to Rs1,742.60 on BSE, while the Sensex rose 1.09% to 32,182.22 points.