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Updated on: Tuesday, July 27, 2021, 11:51 PM IST

IndusInd Bank Q1 consolidated net profit doubles to Rs 1,016 cr on higher loan growth, lower provisions

PTI
IndusInd Bank's asset quality showed little impairment on a gross level, as the non-performing assets (NPAs) rose slightly to 2.88 per cent of the gross advances as of June 2021, as against 2.53 per cent by the year-ago period. | @ians_india
(twitter)

IndusInd Bank's asset quality showed little impairment on a gross level, as the non-performing assets (NPAs) rose slightly to 2.88 per cent of the gross advances as of June 2021, as against 2.53 per cent by the year-ago period. | @ians_india (twitter)

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Private sector lender IndusInd Bank on Tuesday reported doubling of its consolidated net profit to Rs 1,016.11 crore in the June 2021 quarter, aided by healthy growth in retail loans and lower NPA provisioning.

The bank had posted a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.

Its total income during April-June 2021 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period, according to a regulatory filing by IndusInd Bank.

Interest income was up at Rs 7,574.70 crore, against Rs 7,161.73 crore a year ago.

Income from retail banking rose nearly 22 per cent to Rs 5,685.53 crore in the June 2021 quarter, from Rs 4,674.06 crore in the year-ago quarter.

The bank's asset quality showed little impairment on a gross level, as the non-performing assets (NPAs) rose slightly to 2.88 per cent of the gross advances as of June 2021, as against 2.53 per cent by the year-ago period.

Net NPAs or bad loans, however, came down to 0.84 per cent from 0.86 per cent a year ago.

Provisioning for bad loans and contingencies for the reported quarter came down to Rs 1,844.02 crore, from the Rs 2,258.88 crore parked aside for same quarter of 2020-21.

The bank's consolidated financial statement comprises statements of IndusInd Bank, Bharat Financial Inclusion Ltd (fully owned subsidiary), and IndusInd Marketing and Financial Services Pvt Ltd (associate company).

On a standalone basis, the lender's net profit jumped over two times to Rs 974.95 crore in the June 2021 quarter, compared with Rs 460.64 crore in the year-ago period.

Income rose to Rs 9,355.77 crore, from Rs 8,680.92 crore a year ago, the bank said.

The bank's shares on Tuesday closed 0.58 per cent lower at Rs 975.65 apiece on the BSE.

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Published on: Tuesday, July 27, 2021, 11:51 PM IST
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