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IndusInd Bank Q1 Profit Sees 38% Increase

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IndusInd Bank on Friday reported a 38.30 percent jump in consolidated profit for the April-June quarter to Rs 1,432.50 crore, from Rs 1,035.72 crore in the same period last year.

Its net interest income in the first quarter of the financial year 2019-20 rose to Rs 2,844 crore when compared to Rs 2,122 crore a year ago.

IndusInd Bank Q1 Profit Sees 38% Increase

 

The Mumbai-based private lender's gross NPAs (non-performing assets) stood at 2.15 percent in the June-ended quarter as against 2.10 percent in the previous quarter. Net NPAs were reported at 1.25 percent when compared with 1.20 percent in March. Absolute gross NPA was at Rs 4,200 crore in the April-June 2019 period, which is higher than the Rs 3,947 crore in the previous quarter.

Higher NPAs led to an increase in provisioning and contingencies at Rs 430.62 crore for the quarter under review when compared to Rs 350 crore in the January-March period.

The lender said that the results of the first quarter of the FY 2019-20 included operating performance of Bharat Financial Inclusion Ltd (BFIL).

"We have successfully completed the merger with BFIL. During this quarter, the Bank has witnessed healthy growth in its topline as well as in operating profits and will now push forward into the subsequent quarters basis our strong belief in new opportunities, especially in rural India," Romesh Sobti, MD & CEO, IndusInd Bank said in a statement.

Read more about: indusind bank
Story first published: Friday, July 12, 2019, 16:07 [IST]
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