Home >Industry >Banking >IndusInd Bank Q1 profit dives 68% as provisions mount

Mumbai: Private sector lender IndusInd Bank on Tuesday reported a 69% decline in June quarter profit due to higher provisions. The profit during the quarter declined to 460.40 crore compared to 1432.50 crore reported in same quarter last year.

Profit was lower than 724.90 crore estimated by a Bloomberg poll of 16 analysts.

Net interest income, the difference between interest earned and interest expended, grew 16.36% YoY to 3309.19 crore in Q1.

Provisions during the quarter increased more than four fold to 2258.88 crore.

Gross non-performing assets (NPAs) as a percentage of total loan rose to 2.53% as compared to 2.15% a year ago and 2.45% in the previous quarter ended March.

Net NPAs fell to 0.86% from 1.23% in the same quarter last year and 0.91% in the previous quarter.

Non-interest income fell 8.66% to 1519.19 crore compared with 1663.25 crore in Q1FY20.

Shares of IndusInd Bank closed at 526.90 apiece on the BSE, up 4.05% from its previous close, while the benchmark index, Sensex gained 1.47% to close at 38492.95 points.

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