Indusind Bank Ltd on Thursday reported a 24.73% jump in its December quarter net profit on the back of higher net interest income and other income.
Net profit for the quarter stood at Rs936.25 crore against Rs750.64 crore a year ago. According to eight Bloomberg analysts’ estimates, the bank was expected to post a profit of Rs945 crore.
Net interest income (NII), or the core income a bank earns by giving loans, increased 20.04% to Rs1,894.81 crore versus Rs1,578.42 crore last year. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago.
Provisions and contingencies rose 8.9% to Rs236.16 crore in the quarter from Rs216.85 crore a year ago. On a quarter-on-quarter basis, they fell 19.61% from Rs293.75 crore.
Gross non-performing assets (NPAs) advanced 54.25% to Rs1,498.70 crore at the end of the December quarter from Rs971.62 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.16% as compared to 1.08% in the previous quarter and 0.94% in the year-ago quarter. Net NPAs were at 0.46% in the December quarter compared to 0.44% in the previous quarter and 0.39% in the same quarter last year.
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