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IndusInd Bank Q2 profit jumps 52% to Rs 1,401 crore, asset quality declines

IndusInd Bank Q2 results: The bank's consolidated net interest income (NII) grew by 32 per cent year-on-year to Rs 2,909 crore in July-September quarter of FY20

twitter-logo BusinessToday.In   New Delhi     Last Updated: October 10, 2019  | 17:40 IST
IndusInd Bank Q2 profit jumps 52% to Rs 1,401 crore, asset quality declines
IndusInd Bank Q2 results: The provisions and contingencies of the bank increased to Rs 737.71 crore as compared to Rs 590.27 crore made in the year-ago quarter

Private lender IndusInd Bank on Thursday reported a sharp rise of 52.22 per cent on a yearly basis in its consolidated net profit at Rs 1,400.96 crore for the second quarter ended September 30, 2019.

"The private lender posted a net profit of Rs 920.34 crore in the same quarter last year," IndusInd Bank said in a filing to the Bombay Stock Exchange.

The bank's consolidated net interest income (NII), the difference between interest earned and interest expended, grew by 32 per cent year-on-year to Rs 2,909 crore in July-September quarter of FY20.

The other income (non-interest income) rose by 31.11 per cent to Rs 1,727.17 crore against Rs 1,317.28 crore in the same period last year.

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The provisions and contingencies of the bank increased to Rs 737.71 crore as compared to Rs 590.27 crore made in the year-ago quarter. The bank's provisions in the June quarter stood at Rs 430.62 crore.

On the asset front, IndusInd Bank's gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - rose to 2.19 per cent versus 1.09 per cent in the year-ago quarter. Net NPA too expanded to 1.12 per cent during June quarter as compared to 0.48 per cent in the corresponding quarter last year.

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The bank's absolute gross NPA stood at Rs 4370.20 crore in Q2FY20 against Rs 1781.36 crore in Q2FY19.

Following Q2 earnings, IndusInd Bank shares were trading at Rs 1,227 apiece, down 6.30 per cent, against previous close on the BSE.

Edited by Chitranjan Kumar

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