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IndusInd Bank Q2 Profit Rises By 52% YoY

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On Thursday, IndusInd Bank reported a 52.22 percent increase in its consolidate net profit at Rs 1,400.96 crore for the second quarter of the financial year 2019-20 from Rs 920.34 crore a year ago.

Its standalone profit was up 50.32 percent to Rs 1,383.37 crore as against Rs 920.25 crore in the same period of the previous year.

IndusInd Bank Q2 Profit Rises By 52% YoY
IndusInd Bank: Quotes, News
BSE 1339.80BSE Quote65.35 (4.88%)
NSE 1340.10NSE Quote65.6 (4.90%)
 

For the September-ended quarter, the private lender's provisions and contingencies rose by 24.97 percent to Rs 737.71 crore from the same period in the previous year.

The bank's asset quality deteriorated as the percentage of gross non-performing assets (NPAs) increased to 2.19 percent for the July-September period from 1.09 percent a year ago and 2.15 percent in the previous quarter. Net NPAs were also up from 0.48 percent to 1.12 percent.

Consolidated net interest income (NII), the is the difference between income earned from interest charged on loans and interest paid on deposits, was up by 32 percent to Rs 2,909.35 crore.

Shares of IndusInd Bank fell by nearly 7 percent after the quarterly results were announced to Rs 1,225.

Read more about: indusind bank
Story first published: Thursday, October 10, 2019, 15:12 [IST]
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