In­dusind Bank Q2 net profit surges 25%

Mint ST - - CORPORATE - BY RAVINDRA N. SONAVANE ravindra.s@livemint.com MUM­BAI

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.

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