IndusInd Bank Q1 profit rises 26% to Rs836 crore
IndusInd Bank’s net profit for the first quarter was Rs836.55 crore as compared to Rs661.38 crore a year ago
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IndusInd Bank Ltd on Tuesday said its net profit for the June quarter rose 26.49% from the same period a year earlier due to higher net interest and other income.
Net profit for the quarter was Rs836.55 crore, as against Rs661.38 crore in the three months ended 30 June 2016. Seven analysts polled by Bloomberg had forecast a net profit of Rs833.70 crore.
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Net interest income (NII), or the core income a bank earns by giving loans, rose 30.79% to Rs1,774.06 crore in the quarter from Rs1,356.42 crore a year earlier. Other income grew 20% to Rs1,167.26 crore from Rs972.97 crore.
Provisions and contingencies fell 28% to Rs309.97 crore in the June quarter from Rs430.13 crore in the March quarter. On a year-on-year basis, it jumped 34.5% from Rs230.47 crore.
Gross non-performing assets (NPAs) rose 20.6% to Rs1,271.68 crore at the end of the June quarter from Rs1,054.87 crore in the March quarter. On year-on-year basis, it jumped 47.8% from Rs860.64 crore.
As a percentage of total loans, gross NPAs stood at 1.09%, as against 0.93% in the previous quarter and 0.91% in the year-ago quarter.
Net NPAs were at 0.44% in the June quarter, compared to 0.39% in the previous quarter and 0.38% in the year-ago quarter.
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On Tuesday, IndusInd Bank shares fell 0.04% to close at Rs1,559.25 on BSE, while the benchmark Sensex index rose 0.1% to 31,747.09 points.