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.