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IndusInd Bank Q4 Net Profit Drops 62% As Provisions Rise Sharply

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On Wednesday, IndusInd Bank reported a 62.21 percent fall in its net profit for the March-ended quarter at Rs 360.10 crore from Rs 953.09 crore in the same period, last year.

 

The Mumbai-based bank increased its provisions and contingencies by nearly five times to Rs 1,560.69 crore during the last quarter of the financial year 2018-19, in comparison to Rs 335.55 a year ago. In the December-ended quarter, it stood at Rs 606.68 crore.

IndusInd Bank Q4 Net Profit Drops 62% As Provisions Rise Sharply

In the quarter under review, its net interest income (NII) was reported at Rs 2,232 crore, a 11.19 percent increase on a year-on-year basis.

Its asset quality deteriorated, with gross net performing assets (NPAs) increasing to 2.10 percent in the March 2019 quarter from 1.13 percent in the previous quarter and 1.17 percent in March 2018. Rs 3,004 crore worth of exposure to IL&FS group was classified as NPAs.

Its net NPAs were at 1.21 percent, which is higher than 0.59 percent in December and 0.51 percent a year ago.

The bank's board recommended a dividend of Rs 7.50 a share on face value of Rs 10.

 

Shares of IndusInd Bank dropped, soon after the results were announced, by more than 4 percent to Rs 1,382.30 on NSE before recovering to touch an intraday high of Rs 1,500 soon after.

Read more about: indusind bank
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