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IndusInd Bank net profit almost doubles to Rs 1,016 cr in Apr-Jun

IndusInd Bank net profit almost doubles to Rs 1,016 cr in Apr-Jun

The bank's net interest income rose 8 per cent year-on-year (YoY) to Rs 3,564 crore during the quarter under review, while net interest margin stood at 4.06 per cent as against 4.28 per cent in June quarter last year

Shares of IndusInd Bank closed 1 per cent lower at Rs 971.5 at the NSE on Tuesday Shares of IndusInd Bank closed 1 per cent lower at Rs 971.5 at the NSE on Tuesday

IndusInd Bank on Tuesday reported a consolidated net profit of Rs 1,016 crore during April-June quarter, almost double of Rs 510 crore profit posted in the year-ago quarter.

The bank's net interest income rose 8 per cent year-on-year (YoY) to Rs 3,564 crore during the quarter under review, while net interest margin stood at 4.06 per cent as against 4.28 per cent in June quarter last year.

It attributed the contraction in NIM to lower credit offtake and surplus liquidity placed under repo with RBI.

IndusInd's fee income stood at Rs 1,788 crore as against Rs 1,520 crore in the year-ago period. Operating expenses for the quarter ended June 30, 2021 were at Rs  2,166 crore as against Rs 1,902 crore in the year-ago quarter.

Total deposits rose 26 per cent to Rs 2,67,233 crore during the quarter from Rs 2,11,265 crore in the corresponding quarter last year.

Asset quality declined further, with gross non-performing assets rising to 2.88 per cent of gross advances as of June 30, 2021 as against 2.67 per cent in the preceding March quarter. Net NPA ratio also jumped 15 basis points sequentially to 0.84 per cent.

Meanwhile, provisions and contingencies for Q1 of FY22 fell 18 per cent YoY to Rs 2,169 crore.

Shares of IndusInd Bank closed 1 per cent lower at Rs 971.5 at the NSE on Tuesday.

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