IndusInd Bank’s Q4 profit rises 25.25% to Rs620.35 crore; provisions jump 98.86%
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Mumbai: IndusInd Bank Ltd on Thursday reported a rise of 25.25% in its net profit for the quarter ended 31 March on account of higher net interest income (NII) and other income.
Net profit stood at Rs.620.35 crore as compared with Rs.495.27 crore a year ago. The earnings were slightly higher than the Bloomberg poll of 27 analysts which had forecast a net profit of Rs.618.30 crore.
NII—the difference between interest earned and interest paid—rose 37.08% to Rs.1,268.21 crore from Rs.925.14 crore last year.
Other income increased 30.57% to Rs.912.80 crore from Rs.699.11 crore a year ago.
Gross non-performing assets (NPAs) for the quarter rose 38% to Rs.776.82 crore from Rs.562.92 crore a year ago.
Provisions and contingencies jumped 98.86% to Rs.213.66 crore from Rs.107.44 crore a year ago.
As a percentage of total loans, gross NPAs stood at 0.87% as compared with 0.82% in the previous quarter and 0.81% a year ago.
Net NPAs were at 0.36% as compared with 0.33% in the previous quarter and 0.31% a year ago.
Advances for the quarter rose 28% to Rs.88,419.34 crore while deposits rose 25.45% to Rs.74,134.36 crore.
The board has approved a dividend of Rs.4.5 a share.
Shares of IndusInd Bank fell 1.35% to Rs.971.65 apiece, while the benchmark index Sensex rose 0.14% to 25,880.38 points.
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