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.