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IndusInd Bank net profit plunges over 62% to Rs 360 crore in Q4 FY19 as asset quality worsens

IndusInd Bank's gross non-performing assets (NPA) rose to 2.10 per cent of gross advances, while Net NPAs or bad loans were 1.21 per cent increased to as at March-end 2019

twitter-logo PTI        Last Updated: May 22, 2019  | 15:21 IST
IndusInd Bank net profit plunges over 62% to Rs 360 crore in Q4 FY19 as asset quality worsens

IndusInd Bank Wednesday reported a decline of over 62 per cent in March quarter net profit at Rs 360.10 crore.

Net profit in the same quarter of 2017-18 financial year stood at Rs 953.09 crore.

However, total income for the latest quarter rose to Rs 7,550.43 crore as against Rs 5,858.62 crore in the same period a year ago, the bank said in a regulatory filing.

For the entire 2018-19, the profit was down over 8 per cent to Rs 3,301 crore as against Rs 3,606 crore in 2017-18.

Total income during the last fiscal rose to Rs 27,907.87 crore from Rs 22,030.85 crore a year ago.

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The bank's gross non-performing assets (NPA) rose to 2.10 per cent of gross advances as at March-end 2019 as against 1.17 per cent by the end of the previous fiscal.

Net NPAs or bad loans were 1.21 per cent, higher than 0.51 per cent at the end of March 2018.

In value terms, gross NPAs stood at Rs 3,947.41 crore by the end of 2018-19 as against Rs 1,704.91 crore by March-end 2018. Net NPAs were at Rs 2,248.28 crore, up from Rs 745.67 crore a year ago.

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Advances to various companies and special purpose vehicles to a group in infrastructure sector amounting to Rs 3,004 crore (exposure to holding company of Rs 2,000 crore and operating companies/SPVs Rs 1,004 crore) were classified as 'non-performing - sub standard'.

The private sector lender said it has provided for, in excess of prudential norms on income recognition, asset classification and provisioning to the advances under this account.

The bank's board has recommended a dividend of Rs 7.50 per equity share for 2018-19, it said.

Stock of the bank traded 1.77 per cent down at Rs 1,421.95 on BSE.

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