Private sector lender IndusInd Bank Ltd on Wednesday said its net profit for the March quarter rose 21.16% from a year ago due to higher net interest income and other income.
Net profit for the quarter stood at Rs751.61 crore as compared with Rs620.35 crore a year ago. A Bloomberg poll of 24 analysts had forecast a net profit of Rs791 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 31.5% to Rs1,667.45 crore from Rs1,268.21 crore last year. Other income jumped 32.70% to Rs1,211.30 crore from Rs912.80 crore in the same period last year.
Provisions and contingencies jumped 101.32% to Rs430.13 crore in the quarter from Rs213.66 crore in the same quarter last year.
The bank’s gross non-performing assets (NPAs) rose 8.57% to Rs1,054.87 crore at the end of the March quarter from Rs971.62 crore in the December quarter. On year-on-year basis, it jumped 35.8% from Rs776.82 crore.
As a percentage of total loans, gross NPAs were at 0.93% at the end of the March quarter, as compared to 0.94% in the previous quarter and 0.87% in the year-ago quarter. Net NPAs were at 0.39% in the quarter, unchanged from the previous quarter and 0.36% in the same quarter last year.
Deposits rose 36.1% to Rs126.57 billion, while advances rose 27.9% to Rs1.13 trillion.
The bank announced a dividend of Rs6 a share.
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