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IndusInd Bank Q1 results: Net profit surges 38% to Rs 1,433 crore, revenue climbs to Rs 8,625 crore

IndusInd Bank Q1 results: The provisions and contingencies of the bank rose to Rs 430.62 crore from Rs 350 crore in the year ago period, while it declined sharply from Rs 1,560.69 crore on a quarterly basis

twitter-logo BusinessToday.In   New Delhi     Last Updated: July 12, 2019  | 16:08 IST
IndusInd Bank Q1 results: Net profit surges 38% to Rs 1,433 crore, revenue climbs to Rs 8,625 crore
IndusInd Bank Q1 results: The net interest income stood at Rs 2,844 crore in June quarter

Private sector lender IndusInd Bank clocked a growth of 38.30 per cent in consolidated net profit at Rs 1,432.50 crore for the first quarter ended June 30, 2019, driven by rise in net interest income.

"The bank had reported consolidated net profit of Rs 1,035.72 crore in the same quarter last year," IndusInd Bank said in a filing to the Bombay Stock Exchange.

Total income increased to Rs 8,624.62 crore during the June quarter of 2019-20, as compared to Rs 6,369.75 crore in the same period of 2018-19.

The private lender's net interest income (NII), which is the difference between interest earned and interest expended, stood at Rs 2,844 crore in April-June quarter of FY20.

The provisions and contingencies of the bank rose to Rs 430.62 crore from Rs 350 crore in the year ago period, while it declined sharply from Rs 1,560.69 crore on a quarterly basis.

IndusInd Bank's asset quality remained stable on a quarter-on-quarter basis, with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - marginally rising to 2.15 per cent versus 2.10 per cent in the previous quarter. Net NPA stood at 1.25 per cent during June quarter as compared to 1.21 per cent in the March quarter. The GNPA and Net NPA stood at 1.15 per cent and 0.51 per cent, respectively, in April-June quarter of 2018-19.

The bank's absolute gross NPA stood at Rs 4,199.66 crore against Rs 3,947.41 crore in March quarter and Rs 1,740.62 crore in the year ago quarter.

"We have successfully completed the merger with BFIL. During this quarter, the Bank has witnessed healthy growth in its topline as well as in operating profits and will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India," said Romesh Sobti, MD & CEO, IndusInd Bank.

Meanwhile, IndusInd Bank shares closed trade at Rs 1,510.35 apiece, down 1.98 per cent, on the Bombay Stock Exchange on Friday.

(With PTI inputs)

Edited by Chitranjan Kumar

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