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IndusInd Bank Q2 results: Profit plunges 52% to Rs 663 crore on higher provisions

IndusInd Bank Q2 results: The lender's total provisions more than doubled to Rs 1,964.44 crore in the September quarter of the current fiscal as compared to Rs 737.71 crore in the same period last year

twitter-logoBusinessToday.In | October 30, 2020 | Updated 18:08 IST
IndusInd Bank Q2 results: Profit plunges 52% to Rs 663 crore on higher provisions
IndusInd Bank Q2 profit declines 52% to Rs 663.08 crore

Private sector lender IndusInd Bank on Friday reported a 53 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 663.08 crore for the second quarter ended September 30, 2020, against Rs 1,400.96 crore in the same quarter last year, on account of higher provisions. On the sequential basis, the profit jumped 30 per cent from Rs 510.39 crore in June quarter of the current fiscal.

The consolidated total income of the bank decreased marginally by 1.6 per cent to Rs 8,731.52 crore, from Rs 8,877.53 crore in the corresponding period last year, the Pune-based bank said in a regulatory filing..

The lender's total provisions more than doubled to Rs 1,964.44 crore in the September quarter of the current fiscal as compared to Rs 737.71 crore in the same period last year.

During the quarter, the bank made a provision of Rs 2,155 crore for COVID-19.

IndusInd Bank's net interest income (NII), the difference between interest earned and interest expended, grew 12.6 per cent to Rs 3,278 crore versus Rs 2,909 crore in the year ago period. Other income or non-interest income declined 10 per cent to Rs 1,554 crore versus Rs 1727 crore in September quarter of 2019.

On asset quality front, gross non-performing assets (NPAs) ratio as a percentage of gross advances rose to 2.21 per cent from 2.19 per cent in Q2 FY20. The net NPA ratio, however, fell to 0.52 per cent in Q2 FY21, against 1.12 per cent in the year-ago quarter.

Meanwhile, shares of IndusInd Bank ended day's trade at Rs 585.60, down 0.53 per cent lower, against the previous closing price of Rs 588.70, on the BSE.

Also Read: Kotak Mahindra Bank Q2 results: Profit rise 27% to Rs 2,184 crore, NII up 17%

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