IndusInd Bank Q2 net profit surges 50% to ?1383 crore, but misses estimates

IndusInd-Bank

Private lender IndusInd Bank Ltd on Thursday reported a 50% increase in its September-quarter net profit from a year ago due to higher net interest and other income.

Net profit for the quarter stood at ?1,383.37 crore, up 50.33%, from ?920.25 crore a year ago. However, on a quarter-on-quarter basis, net profit declined 3.4%. According to estimates by eight Bloomberg analysts, the bank was expected to report a profit of ?1,416.10 crore.

Net interest income rose 32.05% to ?2,909.54 crore, against ?2,203.28 crore in the same quarter last year. Other income surged 31.08% to ?1,726.66 crore.

Lower tax from the quarter ago also boosted profit. Tax expenses stood at ?478.86 crore, down 34.21%, from a quarter ago.

Provisions and contingencies stood at ?737.71 crore, up 25%, from ?590.27 crore a year-ago period.

Asset quality weakened for the quarter. Gross non-performing asset increased 145.33% to ?4,370.20 crore, from ?1,781.36 crore last year. On a quarterly basis, it rose 4.06% from ?4,199.66 crore a year ago.

Gross non-performing asset as a percentage of advances for the quarter stood at 2.19%, from 2.15% a quarter ago, and 1.09% a year ago.

Deposits rose 23.17% to ?2.07 trillion, while advances increased 20.8% to ?1.97 trillion during the quarter.

At 2.38pm, shares of IndusInd Bank fell 4.55% to ?1,249.90 on the BSE, while the Sensex fell 0.87% to 37,844.46 points.

News Source: livemint

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