Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Company Results/  IndusInd Bank Q2 net profit surges 50% to 1383 crore, but misses estimates
BackBack

IndusInd Bank Q2 net profit surges 50% to ₹1383 crore, but misses estimates

Net interest income rose 32.05% to ₹2,909.54 crore, against ₹2,203.28 crore in the same quarter last year
  • Gross non-performing asset increased 145.33% to ₹4,370.20 crore, from ₹1,781.36 crore last year
  • Deposits rose 23.17% to ₹2.07 trillion, while advances increased 20.8% to ₹1.97 trillion during the quarter (Mint file)Premium
    Deposits rose 23.17% to 2.07 trillion, while advances increased 20.8% to 1.97 trillion during the quarter (Mint file)

    Private lender IndusInd Bank Ltd on Thursday reported a 50% increase in its September-quarter net profit from a year ago due to higher net interest and other income.

    Net profit for the quarter stood at 1,383.37 crore, up 50.33%, from 920.25 crore a year ago. However, on a quarter-on-quarter basis, net profit declined 3.4%. According to estimates by eight Bloomberg analysts, the bank was expected to report a profit of 1,416.10 crore.

    Net interest income rose 32.05% to 2,909.54 crore, against 2,203.28 crore in the same quarter last year. Other income surged 31.08% to 1,726.66 crore.

    Lower tax from the quarter ago also boosted profit. Tax expenses stood at 478.86 crore, down 34.21%, from a quarter ago.

    Provisions and contingencies stood at 737.71 crore, up 25%, from 590.27 crore a year-ago period.

    Asset quality weakened for the quarter. Gross non-performing asset increased 145.33% to 4,370.20 crore, from 1,781.36 crore last year. On a quarterly basis, it rose 4.06% from 4,199.66 crore a year ago.

    Gross non-performing asset as a percentage of advances for the quarter stood at 2.19%, from 2.15% a quarter ago, and 1.09% a year ago.

    Deposits rose 23.17% to 2.07 trillion, while advances increased 20.8% to 1.97 trillion during the quarter.

    At 2.38pm, shares of IndusInd Bank fell 4.55% to 1,249.90 on the BSE, while the Sensex fell 0.87% to 37,844.46 points.


    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 10 Oct 2019, 02:49 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App