Mumbai: IndusInd Bank on Friday reported net profit of Rs 1,433 crore for the quarter ended June 2019, up 38% compared to Rs 1,036 crore in the corresponding period of last year.
Net interest income (the difference between interest earned and interest expended) moved up by 34% to Rs 2,844 crore in the year-on period with loan growth at 28%.
The bank said total deposits as on June 2019 totalled Rs 2 lakh crore, about 26% higher compared to Rs 1.59 lakh crore in the first quarter of previous fiscal. Net interest margin improved to 4.05% in Q1 of FY20, from 3.59% in March quarter and 3.92% in Q1 of FY19.
However, asset quality weakened slightly. Gross non-performing assets (NPAs) as a percentage of gross advances were 2.15% against 2.1% in the previous quarter. Net NPAs also increased to 1.23% in Q1 FY20, according to a statement.
