IndusInd Bank Q3 Results: Net profit rises 17% YoY

 


Private lender IndusInd Bank on Thursday reported standalone net profit growth of 17% YoY at Rs 2,298 crore for the quarter ended December. It was Rs 1,959 crore in the year-ago period.

The profit was slightly above analysts' expectations. An ET Now Poll predicted PAT figure to be around Rs 2,272 crore.

Other income during the third quarter increased 15% YoY to Rs 2,396 crore against Rs 2,076 crore in the corresponding quarter of the previous year.

Provisions (other than tax) and contingencies fell 9% YoY to Rs 969 crore in the reporting period. The same stood at Rs 1,065 crore a year ago.

Operating profit (before provisions and contingencies) jumped nearly 10% YoY to Rs 4,042 crore in the third quarter against Rs 3,686 crore in the last year quarter.

On the asset quality front, gross non-performing assets (NPAs) declined to 1.92% in the said third quarter against 2.06% in the December 2022 quarter and 1.93% in the preceding September quarter.

Net NPAs, on the other hand, also fell to 0.57% from 0.62% a year ago.


The lender had a capital adequacy ratio of 17.86% as per Base III norms, down from 18.21% in the preceding quarter and 18.01% in the year-ago quarter. The CET 1 ratio in the reporting period was at 16.07%.

The Provision Coverage Ratio was consistent at 71%, as of December 2023. Net Interest Margin for the third quarter stood at 4.29%, flat compared with the preceding September quarter.

The bank's balance rose 10% YoY to Rs 4.88 lakh crore in the December quarter. Deposits stood at Rs 3.68 lakh crore, showing an increase of 13%, while advances rose 20% to Rs 3.27 lakh crore.


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IndusInd Bank Q1 Results: Net profit jumps 33% YoY


Private sector lender IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.


The net profit, at Rs 2,124 crore, is almost in line with the CNBC TV-18 poll estimate of Rs 2,127 crore.


Total income for Q1FY24 rose by 28 percent on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 percent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal.


The NII, at Rs 5,863 crore, is 21 percent higher as against the CNBC TV-18 poll estimate of Rs 4,821.7 crore.


The bank's gross non-performing asset (NPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. On the other hand, net NPA of IndusInd Bank for the quarter stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.


In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 percent higher as against Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 percent higher than Rs 1,715 crore reported in the last quarter.


IndusInd Bank's operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 percent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23.

The lender's capital adequacy ratio, as per the Basel III norms, came in at 18.04 percent in the first quarter, as compared to 17.86 percent in the fourth quarter of the last fiscal.


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IndusInd Bank Q1 Results: Profit rises 64% YoY to Rs 1,603 crore, beats estimates

 


IndusInd Bank on Wednesday reported a 64.44 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,603.29 crore compared with Rs 974.95 crore in the corresponding quarter last year.


The profit figure beat Rs 1,470 crore profit anticipated by anlaysts in an ET NOW poll.


Interest earned for the quarter rose 8.01 per cent YoY to Rs 8,181.77 crore from Rs 7,574.70 crore.


The private lender made provisions and contingencies worth Rs 1,250.99 crore, which was lower than Rs 1,461.62 crore in March quarter and Rs 1,779.33 crore in the year-ago quarter.


Gross non-performing assets as percentage of total advances stood at 2.35 per cent, higher than March quarter's 2.27 per cent, but lower than year-ago's 2.88 per cent.


In its business update earlier this month, the bank said its total deposits jumped 13 per cent to Rs 3,03,094 crore in June quarter compared with Rs 2,67,630 crore in the year-ago quarter. The bank's net advances were up 18 per cent at Rs 2,49,541 crore against Rs 2,10,727 crore in the previous year.


Retail deposits and deposits from small business customers amounted to Rs 1,24,105 crore as of June 30 compared with Rs 1,20,507 crore as of March 31, 2022.


The CASA ratio increased to 43.2 per cent in June quarter from 42.8 per cent in the March quarter and 42.1 per cent in the year-ago quarter, the lender said.

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IndusInd Bank Q2 results: Profit jumps 72% YoY


Private sector lender IndusInd Bank on Wednesday reported a 73 per cent rise in its consolidated net profit to Rs.1,146.73 crore for the second quarter ended September 30. It had posted a net profit of Rs.663.08 crore in the year-ago period.


Total income during the July-September quarter rose to Rs.9,488.06 crore from Rs.8,731.52 crore a year ago, IndusInd Bank said in a regulatory filing.


Interest income moved up at Rs.7,650.36 crore from Rs.7,177.21 crore.


On a standalone basis, the net profit increased by 72% to Rs.1,113.53 crore from Rs.647.04 crore. And the total income rose to Rs.9,487.56 crore against Rs.8,731.05 crore.


Bank's provisions for bad loans and contingencies fell to Rs.1,703.36 crore for the quarter from Rs.1,964.44 crore reserved for the year-ago period.


However, there was an uptick in the bank's gross bad loan proportion at 2.77 per cent of gross advances as of September 30, 2021, against 2.21 per cent a year earlier.


Net NPAs too increased to 0.80 per cent from 0.52 per cent.


The annualised return on asset (RoA) stood at 1.26 per cent compared with 1.12 per cent in the preceding quarter of this fiscal and 0.83 per cent in the same quarter last fiscal.

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IndusInd Bank Q2 Net profit declines 53%


IndusInd Bank on Friday posted a 52.7 per cent decline in consolidated net profit for the quarter ended September at Rs 663.08 crore.

The private lender had reported a net profit of Rs 1,400. 96 crore a year ago. An ET Now poll had projected the figure at Rs 800 crore.


The bank’s total income came in at Rs 8,731.52 crore, down 1.65 per cent from Rs 8,877.53 crore.

IndusInd Bank’s provisions rose 166 per cent to Rs 1,964.44 crore, from Rs 737.71 crore a year ago.

Its capital adequacy ratio stood at 16.55 per cent, from 14.70 per cent a year ago.

The bank’s gross NPA in the quarter stood at Rs 4,532.15 crore, compared with Rs 4,370.20 crore a year ago. Its net NPA came in at Rs 1,055.81 crore, compared with Rs 2,202.57 crore a year ago.

Gross NPA ratio stood at 2.21 per cent, compared with 2.19 per cent a year ago, while net NPA was 0.52 per cent, compared with 1.12 per cent in the year ago period.

The bank’s Net Interest Income (NII) for the quarter increased to Rs 3,278 crore from Rs 2,909 crore a year ago, and the Net Interest Margin (NIM) for Q2FY21 came in at 4.16 per cent.


It generated a fee income of Rs 1,554 crore in the quarter, compared with Rs 1,727 crore for the corresponding quarter of previous year.

“The business was highly impacted in Q1FY21 due to lockdown since March 24, 2020, to mitigate the spread of Covid-19 pandemic. The calibrated unlocking commenced from June 01, 2020; and industrial and consumer spends are near pre-Covid levels in some areas,” the bank said in a release.

The bank’s total deposits as of September 30 were Rs 2,27,884 crore, an increase of 10 per cent from Rs 2,07,193 crore a year ago.

CASA deposits stood at Rs 91,846 crore with current account deposits at Rs 34,773 crore and savings account deposits at Rs 57,073 crore. CASA deposits comprised of 40 per cent of total deposits as of September 30.

Advances as of September 30, were Rs 2,01,247 crore, compared with Rs 1,97,113 crore a year ago.

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IndusInd Bank Q1 results: Net profit almost double


IndusInd Bank on Tuesday reported a consolidated net profit of Rs.1,061 crore, showing a rise of 99.2% year-on-year for the quarter ended 30 June, 2021. The lender had posted a net profit of Rs.510 crore in the year-ago period.


The bank's net interest income (NII) also rose 8% year-on-year to Rs.3,563.7 crore from Rs.3,309 crore in Q1FY21, IndusInd Bank said in a regulatory filing.The lender's total income in 7% on-year to Rs.9,356 crore.


Moreover, IndusInd Bank's asset quality deteriorated as gross non-performing a(GNPA) ratio climbed to 2.88% in Q1FY22 from 2.67% in the previous quarter (Q4FY21). Additionally, the net NPA ratio rose to 0.84% from 0.69%.


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.

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IndusInd Bank Q2 deposits grow 10.26%


Private lender IndusInd Bank registered a 10.26% year-on-year increase in its deposits and a 2% rise in its net advances during September quarter. However, the bank’s current account savings account (CASA) ratio in the September quarter declined 100 basis points year-on-year to 40.4%.

In a provisional data released on exchanges, the bank said that its deposits grew by 10.26% to Rs 2.28 lakh crore, compared to Rs 2.07 lakh crore in the same period last year.

Its deposits stood at Rs 2.11 lakh crore at the end of the first quarter of financial year 2020-21.

The bank also specified that deposits from retail and small business customers amounted to Rs 75,610 crore during September quarter, compared to Rs 67,318 crore as of June 30, 2020.

Net advances grew by 2% year-on-year to Rs 2 lakh crore, compared to Rs 1.97 lakh crore a year ago.

The advances stood at Rs 1.98 lakh crore as on June 30, 2020.

CASA ratio stood at 40.4% at the end of the second quarter, down 100 basis points compared to 41.4% as on September 30, 2019. CASA ratio remained at 40.1% at the end of June quarter.

Private lender HDFC Bank had earlier disclosed that its advances in September quarter grew 16% and deposits grew at 20% year-on-year.

Similarly current account savings account (CASA) ratio of the bank grew by 270 basis points year-on-year to 42% during September quarter.

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IndusInd bank Q1 result : net profit falls 68%

Private sector lender IndusInd Bank on Tuesday said that it will raise Rs3,288 crore through a preferential issue of shares to its promoter Hinduja group and other institutional investors.

Promoter entities, including Hinduja Capital and IndusInd International, will infuse Rs.792 crore. Investors participating in the issue include Route One Fund and Route One Offshore, which will together contribute Rs.935 crore. The RBI had earlier approved an investment of up to 10% by Route One in IndusInd Bank. Other investors include ICICI Prudential Life Insurance, Tata Investment Corp Ltd and AIA Co Ltd. The preferential issue shares will be allotted at a price of Rs524 apiece.

Also announcing its Q1 results on Tuesday, the lender reported a 67.86% decline for June quarter profit, dented by higher provisions. The profit during the quarter declined to Rs.460.40 crore compared to Rs.1432.50 crore reported in the same quarter last year. Profit was lower than Rs.724.90 crore estimated by a Bloomberg poll of 16 analysts.

Net interest income, the difference between interest earned and interest expended, grew by 16.36% YoY to Rs.3309.19 crore in Q1 over Rs.2843.99 crore for the corresponding quarter last year.

Provisions during the quarter increased more than four-folds to Rs.2258.88 crore as against ₹430.62 crore a year ago.

Asset quality was almost stable with gross non-performing assets (NPAs) as a percentage of total loan rose to 2.53% as compared to 2.15% a year ago and 2.45% in the previous quarter ending March 2020. Net NPAs fell to 0.86% from 1.23% in the same quarter last year and 0.91% in the previous quarter.

“We have done a stress test end of June. After reviewing the businesses, our slippages will be 92 bps higher than what is normal as a consequence of covid and our incremental provision cost will be 65 bps against 53 bps which we had said in covid 1.0. The overall affected number is ₹1336 crore of which we had made ₹1206 crore of provision," said Sumanth Kathpalia, managing director and chief executive officer, Indusind bank

Non-interest income fell 8.66% to Rs.1519.19 crore as compared to Rs.1663.25 crore in Q1FY20.

Loan growth fell 4.2% to Rs.1.98 lakh crore at the end of June quarter compared to Rs.2.06 lakh crore at the end of previous quarter. Loan book under moratorium reduced to 16% as of June 2020 from 50% as of April 2020.

While the management avoided giving any targets on credit growth for the full year, they said that the bank will continue to be conservative and yet they see some pick up in loan growth in micro, small and medium enterprises (MSME) sector in the coming months.

“We are seeing green shoots in vehicle finance and we are going slow on unsecured portfolio," said
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